The difference between an IPO and a secondary offering is that:

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In an IPO, additional, non-outstanding shares are issued to the public for the first time. In a secondary offering, existing outstanding shares are sold to the public, or new shares may be issued by the company, but these are not considered the first-time issuance of shares. Options A and B are incorrect; secondary offerings do incur direct costs, and venture capitalists are not typically involved in this type of offering. Option D is also incorrect; shares are not "repurposed" by the underwriter in a secondary offering.

The Difference Between an IPO and a Secondary Offering Is