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If the person has only 18000 though (300 at 60) then if they put in 100 at $100, they'll only be able to buy 133 at 60. I would still enter two bids; it's just
by cbhl 6y ago
If the person has only 18000 though (300 at 60) then if they put in 100 at $100, they'll only be able to buy 133 at 60.
I would still enter two bids; it's just a matter of adjusting how many at each level.
- harryh 6y agoNo, this is not how it works. All the shares in the auction are sold at the same price. If the market clears at 60, a person entering the bids I described would buy 300 shares at 60.
- cbhl 6y agoI apologize if I misunderstood. Isn't this a direct listing? At what point do retail investors get to participate in an auction?
- harryh 6y agoRetail investors (and any other investors) submit orders before the new security begins to trade. The first thing that happens on open is an auction.