IPOs are structured and timed as liquidity events for insiders and late‑stage funds, with retail often coming in near peak sentiment and eating the drawdown when reality catches up. By the time they hit the exchange: -Private investors and employees have often already sold part of their stake in secondary transactions and tenders. -Valuations are “mature,” with expectations of rapid growth already priced in. -The IPO is explicitly framed as a liquidity event in pitch decks and internal comms. So structurally, public markets are the exit venue. #trading #investing