Template:Short description In an equity offering, primary shares, in contrast to secondary shares, refer to newly issued shares of common stock.<ref>Template:Cite book</ref> Proceeds from the sale of primary shares go to the issuer, while those from preexisting secondary shares go to shareholders.<ref>Template:Cite news</ref><ref name=":0">Template:Cite book</ref>
Most initial public offerings (IPOs) have a mix of both primary and secondary shares.<ref name=":0" /><ref>Template:Cite book</ref>
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