4/ As an example we sold some Zoopla stock directly at IPO and gradually liquidated over 2 years. We ended up selling at a blended > 2X IPO price which is great but this can of course go either way. It's not our job to play the public markets.
1/ I got asked in the context of the Deliveroo IPO what happens to the stakes of existing VC investors. IME: most VC firms sell “programatically” a fixed portion of their holding at IPO (25-33%), getting stock in the hands of long-term holders immediately and reducing overhang.