A company offered shares in their IPO at $5.40 each. Their first sale on the ASX was at $5.00. By the end of the first day of trading their shares were trading at $5.80 and today they are trading at $4.80. The cost of under-pricing the issue was

Select one:

a. The number of shares issued multiplied by -40c (i.e. overpricing occurred)

b. The number of shares issued multiplied by 40c

c. The number of shares issued multiplied by -60c (i.e. overpricing occurred)

d. The number of shares issued multiplied by 20c.