There's one IPO quite recently going with the same story: MrDIY - which stated very clearly that IPO money would be used to pay off existing debt. Nevertheless, the share price shot up more that 100% from the IPO price. Because the debt incurred is meant for expansion. It's either you go public to acquire money to expand, or you borrow money to expand first then go public to pay off the money borrowed. The goal is still the same: expansion.

Replied to NoTimeToTrade
I don't think many actually read the IPO prospectus for FFB. They clearly stated that about 80% of the IPO money will be used for paying off their existing debt.

It's cup & handle pattern. Considering persisting high interest in the stock, it's very likely a bullish sign.