Which ONE of the following statements about equity finance is NOT true?

a.

An Initial Public Offer (IPO) is a means of selling shares in a company to the public at large.

b.

If shareholders exercise their rights in a rights issue, their relative voting rights are unaffected.

c.

For the issuing company, the cost of equity finance is generally lower than the cost of debt finance because it represents lower risk for the investor.

d.

In a rights issue, the issue price is usually at a discount to market price.