VNX Platform conducts the DCR offering through auction similar to the Dutch auction which is used in the traditional capital market for IPO or treasuries.
VNX uses an auction method to find the optimal DCR price (that equates supply and demand). During the bidding period, investors indicate how many DCR’s they're willing to buy and the price they're willing to pay.
VNX sort all bids from the highest price per DCR to the lowest price. When the bidding period is closed VNX calculates strike price by lowering the DCR price from the highest until there are enough bids to sell all DCR’s. All the DCR’s are then allocated at the strike price. All the bids that were made with the price equal to the strike price or higher are considered to be successful.
Then VNX allocates and issues DCRs among successful bidders on a pro rata basis (more information about allocation rules investors can find in offering documents on VNX platform).