Which of the Following Is False with Respect to Initial

Which of the following is false with respect to initial public offerings (IPOs) ?

A) IPOs are first-time offerings of shares by a specific firm to the public.
B) Normally, a firm planning an IPO will hire a securities firm to recommend the amount of stock to issue and the asking price for the stock.
C) Owners of firms that engage in IPOs are normally required to retain their shares for at least 3 years before selling them in the secondary market.
D) IPOs are typically intended to raise funds so the corporation can expand.