IPOs don't really generate profit for companies. They allow one group of people to trade equity for cash and a second group of people to make the exact opposite

IPOs don't really generate profit for companies. They allow one group of people to trade equity for cash and a second group of people to make the exact opposite trade. On net, society is left with exactly the same amount of equity and cash. If the IPO jumps, it means the sellers lose while the buyers win. If the IPO falls, it means the sellers win while the buyers lose. In either case, it's pretty much distributional and zero-sum. I don't understand why this headline is newsworthy. Profit is not the purpose of IPOs. (To be clear: IPOs do have purpose. They generate cashflow. And they diversify/broaden the investor pool.)