The first-time issuance of stock (or broadly a security) by a private company (privately held company/ corporation) for public subscription. A primary offering takes place in the primary market. Such an offering is a means for private companies to raise equity capital through financial markets, mainly for the purpose of establishment and business operations. The subscription proceeds go to the issuing company.

In relation to investment banking, a primary offering is a capital markets offering where investment banks can buy securities at a discount from issuers (issuing companies) and then resell them to investors.

The main types of primary offering are a private placement, an initial public offering (IPO) and an additional public offering (APO).