Announcement:: Phoenix Trust AuctionGringotts is selling the first 10% of Phoenix Trust shares (S-PT) in a dutch auction, i.e.1000 shares.
Bids are to be given in the following format: "quantity @ price in M per share / CK player name::ID".
For example "10 @ 5M / OZ::26" , bid total in this example would be 50M
Earlier bids win over later ones @ the same price, and all winners pay the same amount per share
No end time is placed on the auction close now, at least 48 hours notice will be given, some players may not be checking this thread as regularly as before.
BREAKING DOWN 'Dutch Auction'If a company is using a Dutch auction IPO, potential investors enter their bids for the number of shares they want to purchase as well as the price they are willing to pay. For example, an investor may place a bid for 100 shares at $100 while another investor offers $95 for 500 shares.
Once all the bids are submitted, the allotted placement is assigned to the bidders from the highest bids down, until all of the allotted shares are assigned. However, the price that each bidder pays is based on the lowest price of all the allotted bidders, or essentially the last successful bid. Therefore, even if you bid $100 for your 1,000 shares, if the last successful bid is $80, you will only have to pay $80 for your 1,000 shares.
http://www.investopedia.com/terms/d/dutchauction.asp