Most of the Short-Term Capital Gains of Share Privatization IPOs

Most of the short-term capital gains of share privatization IPOs are captured by

A) investors and citizens who vote in the country of the firm that is being privatized.
B) the investor base that is determined to pay the maximum price for the IPO.
C) the international monetary fund that helped inject much of the initial capital for the initial start up.
D) none of the above.