We consider the inverse mean curvature flow by parallel hypersurfaces in space forms. We show that such a flow exists if and only if the initial hypersurface is isoparametric. The flow is characterized by an algebraic equation satisfied by the distance function of the parallel hypersurfaces. The solutions to the flow are obtained explicitly when the distinct principal curvatures have the same multiplicity. This is an additional assumption only for isoparametric hypersurfaces of the hyperbolic space or of the sphere with two or four distinct principal curvatures. The boundaries of the maximal interval of definition, when finite, are determined in terms of the number g g of distinct principal curvatures, their multiplicities m m and the mean curvature H H of the initial hypersurface. We describe the collapsing submanifolds of the flow at the boundaries of the interval. In particular, we show in the Euclidean space the solutions are eternal, while in the hyperbolic space there are eternal and immortal solutions. Starting with a connected isoparametric submanifold of the sphere, we show that the flow is an ancient solution, that collapses into a minimal hypersurface whose square length of its second fundamental form and its scalar curvature are constants given in terms of g g and n n . The minimal hypersurface is totally geodesic when g = 1 g=1 , it is a Clifford minimal hypersurface of the sphere when g = 2 g=2 and it is a Cartan type minimal submanifold when g ∈ { 3 , 4 , 6 } g\in \{3,4,6\} .
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