A new issue (of securities) by a publicly traded company, particularly new shares of stock, to raise additional capital. The amounts raised from the follow-on issue are used to retire existing debt or to fund expansion into wider operations. It is an issue of securities (a secondary issue, or issue in the secondary market) by a company that was previously listed (listed company)- a seasoned issuer.

A follow-on equity offering (secondary equity offering) is the additional offering of shares (equity instruments) by an established and listed company after introducing its initial public offering (IPO) in the stock markets. It basically aims to increase the capital by tapping into the financial markets/ public investors. An issue by a seasoned issuer implies connotations of a positive reputation for liquidity and trade volume, among others.

A follow-on issue is also known as a seasoned offering (seasoned issue) or secondary offering (secondary issue).