The number of shares a company is selling in the offering, distinct from its total shares outstanding after the IPO. Multiplying shares offered by the offer price gives the offering's total size (before underwriting fees).
Shares offered, not total shares outstanding, determines how much new stock is actually available to trade on day one. A company can be worth billions while offering only a small slice of itself in the IPO — most shares typically stay with existing holders, subject to the lock-up — which is why offer size and total company value are two very different numbers worth keeping separate.
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