[TheKarateKid]

That’s what it’s original intent was, but an IPO is now a way for all the investors to earn a return on their private investment and cash out at any time moving forward.

In all fairness, private investment was much lower when this was the case. Companies used to do an IPO much earlier when they needed funding instead of raising hundreds of millions in private investment money.

[jartelt]

I believe the point is that you if you don't need to raise any money, you can do a direct listing instead of an IPO. Then you allow investor liquidity without selling equity.