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Auction system and method for pricing and allocation during capital formation

  • US 7,587,358 B2
  • Filed: 08/04/2003
  • Issued: 09/08/2009
  • Est. Priority Date: 06/15/1999
  • Status: Active Grant
First Claim
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1. A system for determining the clearing price and allocation of equity shares of a company, the system comprising:

  • a computer system coupled via a communications network to a user input terminalwhere at least one qualified potential purchaser submits bids for the equity shares;

    wherein the computer system is configured to;

    provide information about an offering for the equity shares to at least one qualified potential purchaser and at least one non-qualified potential purchaser,accept bids only from one or more qualified potential purchasers via the communications network, wherein at least one non-qualified potential purchaser submits a bid through a qualified potential purchaser,determine the clearing price based upon the bids that have been accepted; and

    allocate the equity shares to prospective investors based on the clearing price.

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