When conducting an IPO, what must be divided to get the per-share price?

To determine the per-share price during an Initial Public Offering (IPO), the total value that the company is aiming to raise through the offering is typically divided by the total number of shares outstanding. This approach allows underwriters and the company to establish a price point for each share that reflects the overall valuation of the company while also considering the number of shares available to investors.

By dividing the total offering amount by the number of shares available, you derive the price at which each share will be sold. This per-share price is critical for both investors looking to purchase shares and for the company in terms of gauging market interest and the amount of capital that can be raised.

The other options do not relate to calculating the per-share price directly, as total revenue from sales pertains to a company's sales performance rather than share pricing, total liabilities reflect obligations and debts of the company, and enterprise value minus IPO proceeds relates to broader valuation metrics which are not directly utilized in determining share price at IPO. Thus, focusing on the total number of shares outstanding aligns perfectly with the definition and function of calculating per-share pricing during an IPO.