The IPO process involves several entities, such as the issuing company, institutional investors, brokers, lawyers, regulators, retail investors, and an intermediary company.

Consider the following IPO deal:

On August $10,2012,$ Manchester United PLC $($MANU$),$ a professional soccer team in the English Premier League, went public with the sale of $16,666,667$ shares of Class A ordinary common shares for $$14$ per share. The sale, which raised $$233,333,338,$ was led by the Jeffries Group, Inc. and conducted with assistance from Credit Suisse Group AG and JP Morgan. All three institutions served as bookrunners for the offering. A variety of other banks across the world participated in the sale by offering shares to their customers.

Shares sold in the IPO were both newly created shares as well as those provided by the Malcolm Glazer family, the owners of MANU prior to the offering.

Based on your understanding of investors in different stages of a start$-$up$$s financial cycle, which of the following companies or individuals would be referred to as a venture capitalist?

Managers of a publicly traded company cannot easily engage in self$-$dealings or use company funds for expensive perks.

A publicly traded company has an established market value for the firm.

Once a company goes public, its exposure to proxy fights and tender offers increases, and managers have to work harder to maintain control.