He took the form of a clown most frequently, Mr. Bob Gray or Pennywise, but his true form is an ancient eldrItch entity from another universe who landed in the town that would become Derry by way of an asteroid and first awoke in 1715.
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No. Pennywise is a fictional character.
Film: At the house on Neibolt Street, the kids basically do a bunch of damage by impaling It with rods. It looks like they get these weapons from the rusty wrought-iron fence of the house itself. Down in the sewers, during their final encounter, it's much of the same.
When Stephen King wrote the novel “It,” he asked himself what frightened children the most. The answer he came up with was clowns, and it would lead to the cosmic horror It, who descends upon the town of Derry to frighten and prey on its children, as Pennywise the Dancing Clown.
And it is not totally true that adults can't see Pennywise because there are several incident in books where adult see Pennywise but adult don't find it as a threat because of the reason that Pennywise choose not to. Pennywise only attack children as they are easily manipulated and easily scared.
Pennywise is the clown form of "It," an eternal, shapeshifting being that feeds off fear, specifically fear of children. It's unclear how, exactly, Pennywise got his name.
Bill Denbrough described them as writhing, destroying orange lights, and IT as an endless, crawling, hairy creature made of that same light. The theory, then, suggests that the balloons are a representation of the deadlights and contain the souls of the children killed by IT.
Related: What Does Pennywise Really Look Like In IT? IT arrived on Earth through an event similar to an asteroid impact, landing in what would later become Derry, Maine. Once there, IT adopted its usual pattern of hibernation that lasted between 27 and 30 years, awakening to kill and eat and then going back to sleep.
According to It, when humans got scared, "all the chemicals of fear flooded the body and salted the meat". This is why he prefers to feast on children -- their fears are simple, pure, and powerful compared to the complex, pathological fears of adults.