Answer:
a. overpriced
Explanation:
Initial public offerings (IPOs) consist of going public on large companies on the stock exchanges through shares representing a share of the company. When an investor buys a share, he or she becomes a minority shareholder in the company's ownership structure. Normally, when companies open their IPOs, there is a high expectation from economic agents, increasing the demand for them. Therefore, the price is usually higher than the market price. Over time, the price adjusts to normal.
