NO.PZ2023090502000007
问题如下：
Which of the following does not reflect a primary difference between an initial public offering (IPO) and a direct listing?
选项：
A.Whether or not employees own shares in the private company
Whether or not new capital is raised
Whether or not an underwriter is used
解释：
A is correct. A company with employee shareholders can go public with either an IPO or a direct listing; employee shareownership does not differ by the choice of transaction.
C is incorrect. An IPO uses an underwriter to manage the process and underwrite the purchase of new shares, while a direct listing does not.
B is incorrect. An IPO raises new capital for the listing company by issuing new shares to the public, while a direct listing does not; it lists only existing shares.
