How do auctions work?

The allocation of shares to investors placing bids during any auction is based on the 'Dutch auction model'.

During the auction, investors have a number of days or weeks to insert bids specifying the numbers of shares and price per share they would like to pay. At the end of the auction period, our system gathers all standing bids and orders them by price. The final price is set as the minimum allowing all the shares to be allocated. Of course, the final price needs to be equal or higher to the minimum set by the original transferor that started the auction.

The shares are assigned to bidders from the top order down, until all available shares are assigned.

The price that each bidder pays is based on the lowest price of all the allotted bidders, or essentially the last successful bid. Therefore, even if you bid €500 for 100 Shares, if the last successful bid is €4.50 per Share, you will only have to pay €4.50 per Share, or €450 for all 100 Shares.