Farmer-in-the-Dell issued stock at $19/share, and at the end ofthe first day of public trading, the closing price was$28/share. Who most directly benefited from the$9/share gain? Why?

A. Farmer-in-the-Dell Company

B. The Underwriters who took thecompany public

C. Investors who boughtFarmer-in-the Dell stock at the $19 IPO price

D. The New York Stock Exchange,where Farmer-in-the-Dell was taken public