Murringo Horticultural Co. Ltd is planning to list on the ASX by issuing 100 million ordinary shares, at a price of $2.00 per share. The companys profits have grown rapidly over the last three years. Which of the following is NOT a cost component that will make up the total cost for Murringo Horticultural to issue these new shares and list on the ASX?

Select one:

a. Out-of-pocket expenses, including legal and accounting fees, as well as fees for taxation advice.

b. Underpricing, which is the difference between the offering and closing price on the first day of the IPO times the number of shares.

c. The cost of printing the annual report.

d. The underwriting spread.