34.Which of the following best defines the term initial public offering (IPO)?

Select one:a. Loans, usually long term in nature, provided directly by a limited number of investors.b. Allows shareholders to purchase unsubscribed shares in a rights offering at the subscription price.c. An underwriting provision that permits syndicate members to purchase additional shares at the original offering price.d. A company's first equity issue made available to the public.e. None of the above