Why is the total cost of bringing a general cash offer to the market lower than an IPO?

Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
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Why is the total cost of bringing a general cash offer to the market lower than an IPO?

General cash offer does not include a large underpricing
Underwriting spreads are smaller in case of general cash offer
There is less risk involved with a general cash offer than an IPO
All of the above
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