Page "Initial public offering" Paragraph 35

In determining the success or failure of a Dutch Auction, one must consider competing points of view.

If the objective is to raise as much money as possible for the issuer, a traditional IPO, priced near the top end of the underwriter's range, would likely achieve that objective.

From the viewpoint of the investor, however, the Dutch Auction would be more effective at price discovery, and potentially result in a lower offering price.