Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Secondary offer definition

What does Secondary offer mean? A secondary offer is a further fundraising by a company already listed on a UK or Irish market, in which it offers additional equity securities to investors to raise new capital (for example, for working capital or to fund an acquisition) after its IPO. The term is a market expression (also called a secondary fundraising or follow-on offering), not generally defined in legislation or case law, and usage is broadly consistent across England & Wales, Scotland, Northern Ireland and Ireland. Typical structures are: - Pre‑emptive offers: rights issues (ordinary or trombone) and open offers. - Non‑pre‑emptive offers: placings, including cash...

UK secondary equity fundraisings: rights issues, open offers and placings—structures, advantages, pre-emption and prospectus requirements for Main Market and AIM

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Practice notes

STOP PRESS : Significant reforms to the UK Prospectus regime came into force on 19 January 2026.

The new framework governing public offers of securities and admissions to trading in the UK is contained in the Public Offers and Admissions to Trading Regulations 2024, SI 2024/105 (the POATRs), together with the FCA sourcebook, The Prospectus Rules: Admission to Trading on a Regulated Market (PRM). The UK Prospectus Regulation and the FCA Prospectus Regulation Rules have been revoked. The reforms are intended to simplify capital raising and significantly lessen the circumstances in which a company is obliged to publish an FCA-approved prospectus for a subsequent issue of shares. For full information on the changes, see the Practice Note: UK prospectus regime reform. This Practice Note reflects the regime that applied prior to 19 January 2026...

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Web page updated on 22/05/2026

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