792:
782:
35:
A secondary offering is not dilutive to existing shareholders since no new shares are created. The proceeds from the sale of the securities do not benefit the issuing company in any way. The offered shares are privately held by shareholders of the issuing company, who may be directors or other
31:
of a large block of a security that has been previously issued to the public. The blocks being offered may have been held by large investors or institutions, and proceeds of the sale go to those holders, not the issuing company. It is also called a secondary distribution.
47:, otherwise known as a subsequent offering, or a dilutive secondary offering. In a follow-on offering, the company itself places new shares onto the market, thus diluting the existing shares. "Secondary market offering" can be understood as an offering on the
40:) who may be looking to diversify their holdings. Usually, however, the increase in available shares allows more institutions to take non-trivial positions in the issuing company which may benefit the trading liquidity of the issuing company's shares.
63:, which is where the confusion between a dilutive (follow-on) and a non-dilutive secondary market offering possibly comes from. If a company were to make a third, primary-market offering, this would be a follow-on offering which is not a
196:
55:— in other words, an offering following an initial, primary-market offering. A follow-on offering which is the second offering from a company can be understood as a secondary
67:
offering. "Secondary offering" as described in this article is an offering on the secondary market which is non-dilutive, and is thus not a follow-on offering.
189:
182:
129:
24:
663:
576:
722:
516:
240:
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451:
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101:
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37:
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96:
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76:
28:
695:
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91:
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810:
314:
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401:
386:
260:
16:
Registered offering of a security that was previously issued to the public
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481:
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255:
125:
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717:
521:
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541:
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43:
A secondary market offering should not be confused with a
51:, and is thus different from a secondary offering on the
126:"FINRA glossary definition of secondary offering"
808:
190:
791:
781:
197:
183:
130:Financial Industry Regulatory Authority
25:Financial Industry Regulatory Authority
809:
178:
152:"Follow-On Offering (FPO) Definition"
13:
14:
828:
166:"Learn About Secondary Offerings"
790:
780:
577:Debtor-in-possession financing
158:
144:
118:
1:
517:Staggered board of directors
7:
634:Accretion/dilution analysis
70:
10:
833:
597:Leveraged recapitalization
776:
768:Valuation using multiples
753:Sum-of-the-parts analysis
723:Modigliani–Miller theorem
624:
582:Dividend recapitalization
562:
410:
397:Secondary market offering
300:
289:
216:
27:(FINRA), is a registered
21:secondary market offering
786:List of investment banks
701:Free cash flow to equity
527:Super-majority amendment
452:Management due diligence
392:Seasoned equity offering
112:
102:Seasoned equity offering
23:, according to the U.S.
497:Shareholder rights plan
487:Post-merger integration
457:Managerial entrenchment
427:Contingent value rights
367:Initial public offering
639:Adjusted present value
502:Special-purpose entity
340:Direct public offering
310:At-the-market offering
107:At-the-market offering
654:Conglomerate discount
676:Economic value added
671:Discounted cash flow
261:Senior secured debt
38:venture capitalists
796:Outline of finance
708:Market value added
691:Financial modeling
649:Business valuation
572:Debt restructuring
350:Follow-on offering
335:Corporate spin-off
293:(terms/conditions)
210:investment banking
87:Follow-on offering
45:follow-on offering
36:insiders (such as
804:
803:
728:Net present value
713:Minority interest
644:Associate company
620:
619:
587:Financial sponsor
507:Special situation
477:Pre-emption right
467:Minority discount
377:Private placement
276:Subordinated debt
231:Exchangeable debt
218:Capital structure
206:Corporate finance
82:Corporate finance
824:
794:
793:
784:
783:
686:Fairness opinion
681:Enterprise value
664:Weighted average
592:Leveraged buyout
447:Drag-along right
345:Equity carve-out
302:Equity offerings
298:
297:
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266:Shareholder loan
251:Second lien debt
246:Preferred equity
226:Convertible debt
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97:Secondary market
65:secondary market
49:secondary market
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748:Stock valuation
743:Residual income
659:Cost of capital
616:
612:Project finance
602:High-yield debt
558:
537:Tag-along right
462:Mandatory offer
432:Control premium
413:
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382:Public offering
330:Bought out deal
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77:Public offering
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607:Private equity
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236:Mezzanine debt
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92:Primary market
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53:primary market
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315:Book building
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136:September 24,
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59:on a primary
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26:
22:
817:Stock market
738:Real options
554:Tender offer
414:acquisitions
402:Underwriting
396:
387:Rights issue
290:Transactions
160:
146:
134:. Retrieved
120:
64:
60:
56:
42:
34:
20:
18:
512:Squeeze-out
482:Proxy fight
412:Mergers and
325:Bought deal
256:Senior debt
758:Tax shield
718:Mismarking
522:Stock swap
472:Pitch book
442:Divestment
320:Bookrunner
241:Pari passu
733:Pure play
626:Valuation
492:Sell side
355:Greenshoe
811:Category
564:Leverage
542:Takeover
437:Demerger
422:Buy side
71:See also
57:offering
29:offering
547:Reverse
532:Synergy
372:Pre-IPO
360:Reverse
281:Warrant
132:. 2010
61:market
271:Stock
113:Notes
208:and
138:2010
813::
128:.
19:A
198:e
191:t
184:v
168:.
154:.
140:.
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