By 1969, Wal-Mart's founder Sam Walton had vreated a chain of Wal-Mart stores. The company's annual sales were around $31 million. To reach this point, the company had taken on a lot of debt. Walkton realized that if he wanted the company to grow further, it would need to raise funds and pay off its debt. Thus Sam Walton and his son, S. Robson Walton, decided to raise money by selling their stock to the public. In 1970, they raised $4.5 million through an IPO. Arkansas-based Stephens Inc. and Boston-based White Weild handled the IPO. As the company grew, the Waltons set up Walton Enterprises, which owns shares of the company. 1. Identify one of the underwriters in the IPO deal that described above a) Walton Enterprises b) White Weld 2) Underwriters sell IPO shares only to their institutional clients. True or False?