Which of the following statements is correct about initial public offerings? I. When an entrepreneur or a venture capitalist sell his existing stock holdings in an IPO, it is called a primary offering. II. IPO underpricing is a wealth transfer from existing shareholders to new shareholders. III. The underwriting fees paid to the investment banks in the direct offer IPO method are relatively higher compared to other traditional IPO methods. 0 A. I only 0 B. II only 0 C. III only 0 D. II and III only 0 E. None of the choice combinations in A, B, C and D are correct