Private placement (or non-public offering) is a funding round through sale of shares, which are not sold through a public offering, but through a private offering, mostly to a small number of chosen investors. The PPM is a legal document stating the objectives, risks and terms of investment of the private placement. This includes financial statements, management biographies, detailed description of the business, etc. An offer memorandum provides buyers with information on the offering and protects the sellers from the liability associated with selling unlisted securities. The contents of the document are governed by the securities regulator i.e. SEBI in India.