When an IPO is significantly underpriced, we say that there is a lot of money left on the table. Which of the following statement best describes it?
a.
There was a lot of money left on the table for the IPO investors.
b.
There was a lot of money left on the table for the issuing company so management was completely thrilled.
c.
There was a lot of money left on the table for the underwriters as they earned significant underwriting fees.
d.
There was a lot of money left on the table for everyone who was involved in the IPO – the issuing firm and its existing shareholders, the IPO investors and the underwriters.
e.
All of the above