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A retail Investor is an individual investor who buys and sells Shares for their own account. Retail investors typically invest in small amounts of shares and trade infrequently. A retail investor can be distinguished from an institutional investor, such as a pension fund, hedge fund or insurance company, that makes investment decisions on behalf of its individual members. Institutional investors typically trade in large tranches of shares. As the name suggests, a retail offer is an offer of shares by a company to retail investors.

Most IPOs and secondary offers on the Main Market and AIM only involve an offer to institutional investors structured as a placing of shares to a limited number of professional investors. Institutional placings can be done quickly with lower associated costs than for other methods of marketing shares. One reason why a company is discouraged from pursuing a retail offer when doing a secondary fundraise is that the thresholds in the UK Prospectus Regulation often mean that a prospectus is required for a particular