The PO in IPO is public offering, meaning new shares are created. So generally speaking, the amount raised goes to the company. Dilution is a factor of what's r

The PO in IPO is public offering, meaning new shares are created. So generally speaking, the amount raised goes to the company. Dilution is a factor of what's raised and the vaulation. If you raise a 10% round, you dilute by 10%, so 10% is sold. It varies by company and preference. Existing shareholders can typically sell after the lockup (for common share holders, like founders and employees) and at any time (for preferred share holders, whose shares convert into unrestricted common shares as part of the IPO).