What type of offering involves all proceeds being directed to the issuer?

A primary offering involves the issuer selling new securities to investors, with all proceeds from the sale being directed to the issuer itself. This type of offering is essential for the issuer as it raises new capital that can be used for various purposes, such as expanding operations, reducing debt, or funding new projects.

In a primary offering, the issuer is directly involved in the sale, and since the securities are being sold for the first time, the entire amount raised from the investors goes to the issuer. This contrasts with other types of offerings, where proceeds may be directed to different parties. For example, in secondary offerings, existing shareholders sell their shares, and the proceeds go to those shareholders rather than the issuer, which is not the case with a primary offering. Thus, the nature of a primary offering clearly distinguishes it as the type where all funds are directed to the issuer.