When an IPO is significantly underpriced, we say that there is a lot of money left on the table. Which of the following statement best describes it?

a.

There was a lot of money left on the table for the IPO investors.

b.

There was a lot of money left on the table for the issuing company so management was completely thrilled.

c.

There was a lot of money left on the table for the underwriters as they earned significant underwriting fees.

d.

There was a lot of money left on the table for everyone who was involved in the IPO the issuing firm and its existing shareholders, the IPO investors and the underwriters.

e.

All of the above