Felicity Industries is selling 2 million shares of stock in an auction IPO. At the end of the bidding period it has received the bids shown above. Which of the following is closest to the price at which the shares will be offered?
Price ($) Number of Shares Bid
5.00 600,000
5.25 700,000
5.50 850,000
5.75 775,000
6.00 700,000
6.25 300,000
6.50 225,000
A) $5.00
B) $5.25
C) $5.75
D) $6.00
Answer: C
Business
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