Definition of special offering

method of selling a large block of stock that is similar to a secondary distribution but is limited to New York Stock Exchange members and takes place during normal trading hours. The selling member announces the impending sale on the consolidated tape, indicating a fixed price, which is usually based on the last transaction price in the regular market. All costs and commissions are borne by the seller. The buyers are member firms that may be buying for customer accounts or for their own inventory. Such offerings must have approval from the Securities and Exchange Commission.