Is an ICO/ITO similar to an IPO?

The IPO refers to the “Initial Public Offering”, the very first sales of stock issued by a company to the public where a company sells at least part of their shares to the public to be traded on a stock exchange.
IPO's are mainly used (not exclusively) to publicly offer a company's equity in the form of shares, whereas ITO's can be utilized to offer multi-purpose products, which are not limited to shares. These new products are represented through tokens or the digital assets in general.