An IPO (initial public offering) is when a company first sells its shares to the public on a stock exchange. It raises capital, lets early investors and employees sell, and subjects the company to public reporting and scrutiny.
Where in the journey
Mature, going public.
What the money is for
Raise capital at scale and provide liquidity to shareholders.
Common investors
The public markets; underwritten by investment banks.
Watch out for
Costly and demanding; public-market volatility; heavy disclosure obligations.