Which one of the following statements about oversubscription in an IPO is correct?

1. The demand to purchase the shares of a company's stock by the potential shareholders prior to IPO are well over the number of the shares that the company and the Investment Banks have to decided to offer for sale.
2. The demand to purchase the shares of a company's stock by the potential shareholders prior to IPO are well below the authorized number of shares.
3. The demand to purchase the shares of a company's stock by the potential shareholders prior to IPO shares are well below the issued number of shares.
4. None of the above.