Why are original owners of a business not upset by the concept of "money left on the table"?

Select one:

a.

After an IPO is completed and the company listed on an Exchange, there will be no money left on the table.

b.

If the original owners retain a small minority stake in the company after the IPO, then IPO underpricing does not impact their investment value materially.

c.

If shares offered in the IPO represent a small part of the total number of shares on issue after the offer, then the original owners retain the majority stake in the company. Consequently, any post-listing increase in the share price above the IPO subscription/offer price would also benefit the original shareholders.

d.

Original owners divest (sell) all their shares before the IPO, thus avoiding any "money being left on the table".

e.

If new shares offered via the IPO represent a large part of the total number of shares on issue after the offer, and the original owners do not participate in the IPO, then any post-listing decline in the share price due to 'money left on the table' would not impact the original shareholders' wealth.

only answer is fine