Primary offer – when the company itself is the seller of the shares. In this case, there is a real increase of the share capital of the company through the issue of new shares and the resources resulting from the sale are channeled to the company's cash flow and used in investments, project financing or other needs.
Secondary offer – when one or several shareholders, who may be the company's controller or not, put their shares up for sale. Since those shares already exist, there is no change in the share capital of the company. In this case, the financial resources resulting from the sale are channeled to the selling shareholders and not to the company.