Luther Industries is in the process of selling shares of stock in an auction IPO. At the end of the bidding period, Luther's investment bank has received the following bids: The proceeds from the IPO be if Luther is selling 1.25 million shares is closest to ________.

Question

Luther Industries is in the process of selling shares of stock in an auction IPO. At the end of the bidding period, Luther's investment bank has received the following bids:  The proceeds from the IPO be if Luther is selling 1.25 million shares is closest to ________.

Quizplus · Accepted Answer

To find the total proceeds, we need to multiply the number of shares sold by the highest bid price. The highest bid is $16.80 per share, so the total proceeds will be:
1.25 million shares x $16.80 per share = $21.0 million
Therefore, the closest answer choice is C, $21.0 million.

Luther Industries Is in the Process of Selling Shares of Stock