Two IPOs are offering 12 tharus sach pod 100. For one of these IPOs the first trading day price $120, for the other $10 ore informed and we windomed stone 1200 each. The informed to and for share nach Po whethe womedi bids for 12 share the IPO and does not bid for any shares in the expensive IPO Whenever the demands of the thesis ed share in proportion to the number of shares they bed for Theuninformed investorerum will be 20 730 09