These are primary shares that are being offered to the local community who are effectively the shareholders, secondary shares will be sold to the general public at a later date.
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Primary shares
In an equity offering, primary shares, in contrast to secondary shares, refer to newly issued shares of common stock that are sold to investors.
Generally, the company offers primary shares this way, although sometimes secondary shares are also sold as IPOs. For a company to offer IPOs, they need to hire a corporate lawyer as well as an investment banker to underwrite the offer.
The company will usually issue only primary shares, but may also sell secondary shares. Typically, a company will hire an investment banker to underwrite the offering and a corporate lawyer to assist in the drafting of the prospectus.
This volatility is considered a necessary part of the time period required to even out the prices for newly registered and issued securities such as primary shares or other new offerings.
 See also: Stock, Offer, Shares, Issue, Share
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