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Covid 21 Company was formed on 1 January 2021 with an authorized capital of OMR...

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Accounting

Covid 21 Company was formed on 1 January 2021 with an authorized capital of OMR 800,000 divided into common stock of OMR 0.600 each. During the year, the business came up with an Initial Public Offer (IPO) of issuing 500,000 equity shares at OMR 0.900 each. The IPO is oversubscribed by 4 times and the company rejected 1/4th applications and for remaining made a pro-rata allotment of 2: 1. By using these data, show the total number of shares will be used for allotment by using pro rata basis.
a.
800,000
b.
1,500,000
c.
4,000,000
d.
5,000,000

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