Why do people brought an IPO sell their stocks too soon.?

If I understand correctly after purchasing a IPO you can sell it in secondary market , 1) then why do people sell their ipo soon, if they can hold it for long and sell them at higher price. 2) if hypotheticaly all ipo purchased investor don’t want to sell their stock does that mean the nav will not change much. ?

As per my understanding, most of investors look for listing gains. Usually for highly subscribed IPOs, listing price will be much higher than upper price band of IPO and also because of high subscription, allotment ratio will be less and more people try to buy in secondary market listing day and price significantly increases in short span. So only investors hold for long term and traders make short term gains.


most of the big subscribers enter ipo with borrowed money . so they need to pay it back.

That makes sense , thanks . So what about my second question ?