Who gains money during an initial public offering?

During an initial public offering (IPO), the primary beneficiaries are the company going public and its existing shareholders. The company raises capital by selling shares to the public, which can be used for expansion, paying debts, or other corporate purposes. Additionally, early investors or insiders who sell their shares during the IPO can realize substantial profits. Investment banks that underwrite the IPO also earn fees and commissions for their services.