In theory that can't be true. To IPO you don't need to convince "normal people" to IPO you need to convince institutional investors (those that run funds that are called on to fund retirement payouts, people who manage university endowments etc) on a road show that investing in your company will be a 'good thing' because the company is growing. The S-1 and prospectus should tell you all about the risks in clear detail and what is and is not known about the market. These people are not 'normal' people in that they analyze investment opportunities all the time. They usually ask detailed questions and want detailed answers. Usually a representative from the independent accounting firm that audited your financials is along to answer questions as well as the company's CFO to put the best possible spin on it.
These investors are not going to buy your initial stock and then turn around and dump it because that would kill the value of any stock. Instead they have to believe that they can buy your stock and hold it for 12 - 36 months and it will become more valuable so that if they chose to they could sell it into the market over enough months to not disrupt the price and make a return on the money they invested. They need that return because the people who pay them to manage the fund demand a certain standard of performance or they get fired.
If the goal was to just 'cash out' you have to convince all of these people that you're not really going to cash out in order for them to buy into your IPO. That is hard to do with dozens of new investors.
These investors are not going to buy your initial stock and then turn around and dump it because that would kill the value of any stock. Instead they have to believe that they can buy your stock and hold it for 12 - 36 months and it will become more valuable so that if they chose to they could sell it into the market over enough months to not disrupt the price and make a return on the money they invested. They need that return because the people who pay them to manage the fund demand a certain standard of performance or they get fired.
If the goal was to just 'cash out' you have to convince all of these people that you're not really going to cash out in order for them to buy into your IPO. That is hard to do with dozens of new investors.