What is money left on the table in IPOs?

Select one:

a. Offer proceeds, after deducting offer costs, that are available to the company post-IPO

b. Subscribing investors loss due to IPO overpricing

c. Company's original investors perceived loss due to them being 'locked out' from selling their own shares before the IPO

d. Issuing company's and the original investors' perceived loss due to IPO underpricing

e. IPO subscribing investors funds that are paid to the underwriter' syndicate