Public offer of securities

A public offer may involve newly issued securities, existing securities sold by holders, or both. Only proceeds from new securities issued by the company provide new issue finance to it; proceeds from existing holdings go to the selling owners. Public offers can require a prospectus or other disclosures, professional costs and regulatory approvals, depending on the jurisdiction and available exemptions. An initial public offering is a particular first public offering; not every later public offer is an IPO.