A first-time securities offering in which no outstanding securities exist. An offering of MUNICIPALSECURITIES that is made directly or indirectly by or on behalf of an ISSUER OF MUNICIPAL SECURITIES and includes the remarketing of municipal securities. Rule 15c2-12.
The original sale of a company's securities, in which the proceeds from the sale are received directly by the company. also called primary distribution. see also offering, secondary distribution.
When an issuer offers securities for sale.