In this case, none of the IPO proceeds went to existing shareholders. Based on the prospectus, it would appear that all insiders are subject to either a 120-day or 180-day lock-up post IPO.

https://www.sec.gov/Archives/edgar/data/1701114/000104746917...

This seems more like a liquidity raise to fund future growth that just happened to be timed incorrectly with respect to the Amazon / Whole Foods announcement.

That's most IPO's

I may be mistaken, but I think existing shareholders are not selling as part of the IPO. The company really needs the money...