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The offer price of shares in an IPO is generally less than the price those shares sell for at the end of the first trading day. Which of the following parties suffer most from this situation?

▸ the buyers of shares after the initial offering

▸ the lead underwriter of the IPO

▸ the underwriters of the IPO

▸ the pre-IPO shareholders of the issuing firm
Textbook 
Fundamentals of Corporate Finance
Edition: 2nd
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the buyers of shares after the initial offering
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