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An initial public offering refers to: A. the shares held by a firm's founder. B. the most recently issued shares that were offered to the

An initial public offering refers to:

A. the shares held by a firm's founder.

B. the most recently issued shares that were offered to the firms existing shareholders.

C. any shares issued to the public on a cash basis.

D. the first sale of equity shares to the general public.

E. all shares issued prior to the firm going public.

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