We evaluate competitors' short-term reactions to initial public offerings (IPO) and follow-on events in the same industry. Using a sample of Brazilian companies that carried out public issuance of shares from 2016 to 2020, we show that IPO events generate adverse effects on the share prices of its industry rivals, while follow-on offers have reverse implications. In addition, the primary distributions' short-term effects are better than the secondary issuance ones.