A follow-on public offer (FPO) is the issuance of shares to investors by a company listed on a stock exchange. A follow-on offering is an issuance of additional shares made by a company after an initial public offering (IPO).

A follow-on public offer (FPO), also known as a secondary offering, is the additional issuance of a company’s shares after its initial public offering (IPO). 

While Initial Public Offerings (IPOs) are often the focal point of a company's journey into the public equity markets, Follow-On Public Offerings (FPOs) represent a subsequent opportunity for established companies to raise additional capital and expand their shareholder base.