Auction system and method for pricing and allocation during capital formation
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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Abstract
A computer-implemented system and method determines price and allocation of equity shares. Information about an offering to accepts bids for equity shares is provided to qualified potential purchasers. Bids from potential purchasers for equity shares are received through a communication network. Bids are accepted and offered to be accepted only from qualified potential purchasers. A non-qualified potential purchaser submits a bid through a qualified potential purchaser. A clearing price for the offered shares is determined based on the received bids.
54 Citations
14 Claims
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1. A system for determining the clearing price and allocation of equity shares of a company, the system comprising:
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a computer system coupled via a communications network to a user input terminal where 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. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14)
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Specification