An initial pubic offer is also known as an IPO is the first issue of shares by a company.
Whenever a company makes its first public offer of shares to various investors then the process is called an IPO.
The term clearly suggests that the investors are getting a chance to buy the shares for the first time.
The shares can be offered either at face value or at a premium.
Investors would need to familiarlise themselves with the company, its activities and its financial condition before deciding on subscribing for the shares,