Secondary offering

Secondary offering

This overview is a guide to the Corporate content within the Secondary offers—Main market subtopic, with links to the appropriate materials.

A company listed on the Official List of the Financial Conduct Authority (FCA) and admitted to trading on the main market (Main Market) of the London Stock Exchange (LSE) may raise further capital by way of a secondary offer of its shares (also called a secondary or further issue). For a look at the key issues which arise when an existing listed UK company proposes to undertake a secondary offer such as a placing, rights issue or open offer, see Practice Note: Undertaking a secondary offer—fundamentals.

Regulatory background

A company with shares admitted to listing on the Official List maintained by the FCA is subject to the provisions of the UK Listing Rules (UKLR), the Prospectus Regulation Rules and the Disclosure Guidance and Transparency Rules (DTR) contained in the FCA Handbook. One of the requirements of the UKLR is that, to be listed, equity shares must be admitted to trading on a UK regulated market. The Main Market is a UK regulated market

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