A prospectus that is deemed to have been made by the issuer, though it is actually offered to the public by a third party or the so-called issue house. The issuer saves the underwriting expenses in selling its securities. It constitutes any document (offer document) whereby an issue for subscription is made, including all conditions and provisions for a standard prospectus with specific modifications as the case may require. The offer document represents an invitation by the third party or issue house, on behalf of the issuing company, to the public to subscribe to the securities being offered.

Therefore, a prospectus by implication (mainly from Indian terminology) is an attempt by a company to raise capital via a public offering without issuing an offer document or a standard prospectus.

It is also known as a deemed prospectus.