Not every public sale of stock by a corporation is an IPO. Corporate growth and/or high debt ratios require some public firms to return to the equity markets to raise funds. A new stock offering by an already public company is called a seasoned offering. Such offerings are easier for the investment bank and investors to price. Rather than estimating fair market value from accounting data, as in an IPO, investors can refer to daily listings of the market value of the company’s shares. A public company that needs an equity capital infusion faces several choices. It can increase its equity base by selling shares of common or preferred stock, and it can raise money in the US market or issue securities overseas. Only the US has a public financial market for preferred equity issues; other countries have not developed primary and secondary markets for preferred stock trading. As preferred equity increases a firm’s equity base without diluting control, more and more foreign firms are issuing both fixed-rate and adjustable-rate preferred stock in the US markets. Overseas tax and regulatory environments may make fund-raising cheaper for large US firms. Analysis of the Euroequity and Eurobond markets provides evidence of such cost advantages. After a firm decides upon the form in which it will raise equity, it can market the new issue in several ways. It can sell the new shares to the public or to current shareholders or place them privately.