Redo it starting from when I asked about "what is an offering".

Certainly, here's a summary of the key points regarding initial public offerings (IPOs) and secondary offerings (SOs), starting from when you asked about "what is an offering":

1. IPO Definition and Process:
   • An IPO is the process of offering shares of a private company to the public in a new stock issuance.
   • Companies must meet requirements by exchanges and the Securities and Exchange Commission (SEC) to hold an IPO.
   • IPOs provide companies with an opportunity to obtain capital by offering shares through the primary market.
   • Companies hire investment banks to market, gauge demand, set the IPO price and date, and more.
   • The offering price is the per share price of publicly issued securities set by an underwriter, at which the shares are available for purchase.
2. IPO and SO Differences:
   • An IPO is the first time a company offers its shares to the public, while a SO is the sale of shares owned by an investor to the general public on the secondary market.
   • In an IPO, the company is the issuer, while in a SO, the company is not the issuer; instead, it is the seller of the shares.
3. Lock-Up Period:
   • A lock-up period is a predetermined time frame during which corporate insiders, investors, and employees are restricted from selling their shares of a particular investment.
   • Lock-up periods can last between 90 to 180 days and are intended to stabilize the stock price after an IPO and prevent a sudden flood of selling pressure from insiders.
4. IPO and SO Announcements:
   • IPOs are typically announced several weeks or months in advance, with the date and price range for the offering disclosed.
   • SOs can be announced at any time, but they often follow a lock-up period, which restricts the sale of a company's shares by insiders.
5. Market Impact and Investor Considerations:
   • IPOs can impact the stock market by introducing new shares and potentially diluting the ownership of existing shareholders.
   • SOs can also impact the stock price, especially if a large shareholder sells a significant number of shares.
   • Investors should consider the company's financial needs, market conditions, and the potential for dilution when evaluating IPOs and SOs.

This summary provides a comprehensive overview of the key concepts and differences between IPOs and SOs, as well as the role of the lock-up period in managing market expectations and stabilizing stock prices.