loanuniverse - 4:31 am on Apr 30, 2004 (gmt 0)

The auction model will decrease volatility as people will get in at the price that they are willing to pay or will remain locked out. However, if they do put a cap on the number of shares allocated to a single individual and not just on price, there will be some unsatisfied demand after the initial allocation.

Once the target price per share is announced we can speculate on the average winning bid price {or bid price} and the closing price.