Unlike primary markets, secondary market shares are usually priced based on the latest round of funding. However, more factors can also come into play, such as supply and demand. Shares from a “hot” company might trade at a premium on primary and secondary markets.
However, other factors come into play, too, including whether shares are classed as preferred stock and common stock. Preferred stock comes with certain rights not found with common stock, like that granted to managers and employees. Those shares tend to be worth more on both the primary and secondary markets.
There can also be a discount for lack of marketability. Highly desired or popular companies may be considered more “liquid” due to higher demand. Alternatively, less known companies may trade at a discount relative to the latest round of funding.