Bidding for stocks at an auction: experience and insights

Has anyone had experience bidding on stocks/purchasing stocks at an auction? I know that the bid needs to be quoted and submitted. Then, the qualified bidders would be chosen based on the price they’re willing to purchase for.
How do you usually determine the percentage below LTP that you quote in a bid?
What are some potential red flags that need to be scrutinized for stocks available in an auction?

Any useful information would be appreciated.

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