The definition of 'Primary market'

A primary market is a market where buyers and sellers negotiate and transact directly without any intermediaries or resellers.

Regarding financial markets, the primary market is also often referred to as the new issue market as it is the place where the issuing of new securities transpires.

During an initial public offering, a company sells shares directly to an investor through the primary market. The investor can then resell their shares on a secondary market such as a stock exchange.