Global Corporation was formed on 1 April 2016 with an authorized capital of OMR 15,000,000 divided into common stock of OMR 0.500 each. During the year, the business came up with an Initial Public Offer (IPO) of issuing 8,000,000 equity shares at OMR 0.800 each. Assume that the IPO is fully subscribed, calculate and show the number of shares subscribed by the public.

a.

None of the options

b.

15,000,000 shares

c.

8,000,000 shares

d.

23,000,000 shares