19. The founders and owners of a private company have funded it through the following rounds of investment: Round Source Series A Self Series B Angel Series C Venture Capital Number of Shares Price $1.00 $1.00 $1.25 100,000 225.000 375,000 The owners decide to take the company public through an IPO, issuing 1 million new shares Assuming that they successfully complete the IPO, the net income for the next year is estimated to be $5 million. The price of shares is set using average price-earnings ratios for similar businesses of 16. What will be the IPO price per share? A) $12 B) $24 C) $9 D) $47