In a discriminatory auction, Buyer A pays $1,000 and Buyer B pays $1,015. 14. Generally, which of the following issues has the lowest total direct costs of issuing as a percentage of gross proceeds? Initial public offerings (IPOs) Seasoned equity offerings (SEOs) Convertible bonds The sale of State Owned Enterprises (SOEs) Ordinary bonds . When a company sells an entire issue of securities to a small group of institutional investors like life insurance companies, pension funds, etc., it is called A rights offering A public offering A private placement An unseasoned issue The greenmail Image Storage has 1,000,000 shares outstanding. It wishes to issue 500,000 new shares using rights issue. If the current stock price is $50 and the subscription price