Equity Offering Deal Analyzer: Primary, Secondary, Fees & Dilution

ECMSource Research Workbench · Advanced capital markets

Map who is selling, who receives the proceeds, how underwriting and expenses affect company cash, and how primary shares change ownership and per-share earnings.

Enter the deal terms

Use matching currency units for prices, cash, debt, expenses, and net income. Share figures can be entered in actual shares or millions if used consistently.

Share structure
Pricing and costs
Balance sheet and earnings

Deal map

Primary shares are newly issued by the company. They increase shares outstanding and their net proceeds go to the company.

Secondary shares are sold by existing holders. They do not increase company shares outstanding, and the company generally does not receive those sale proceeds.

Additional option shares model the underwriters’ or purchasers’ option. Whether those shares are primary or secondary matters, so the tool asks separately.

The model excludes warrants, convertibles, pre-funded warrants, multiple share classes, taxes, non-cash fees, and changes in net income after the capital is deployed.

Core calculations

Company gross proceeds = primary shares × offer price
Estimated company net proceeds = gross proceeds × (1 − fee rate) − expenses
Selling-holder proceeds = secondary shares × offer price
Post-deal shares = existing shares + primary shares
Ownership dilution = primary shares / post-deal shares
Pro forma cash = existing cash + estimated company net proceeds