Initial Public Offering. A biotechnology company, Keros Therapeutics, completed its IPO on April 8, 2020, and listed on the Nasdaq. Keros sold 6,000,000 shares of stock to primary market investors at an IPO offer price of $16.09, with an underwriting discount of 6.7%. Secondary market investors, however, were paying $21.45 per share for Keros' 19,189,391 shares of stock outstanding (which includes the newly-issued shares)

f. Explain the IPO underpricing for Keros. Is this statement true or false?: "Positive underpricing indicates that secondary-market investors were willing to pay more for the company's shares than the IPO offer price that the shares were sold for in the primary market."