EXCHANGE-BASED AUCTION FOR OFFERINGS

摘要

A method and system are disclosed for determining the public offering price and the allocation of securities by an exchange-based auction conducted by the underwriters and the issuers of the securities. The exchange-based auction is conducted through the apparatus of a securities exchange such that all qualified individual and institutional investors may place bids in the exchange-based auction and investors submitting valid bids will have an equal opportunity to receive an allocation of securities.