This Initial Public Offering can be made through the fixed price method, book building method or a combination of both. The provisions of the Act relating to prospectus are not attracted unless the prospectus is issued. “Issued” here means issued to the public. What does or does not amount to an issue is a question of fact in each case and is not capable of exact definition. In Nash v Lynd it was held that “the term ‘issue’ is not satisfied by a single private communication”. The facts were that a document marked “strictly private and confidential” but in form a prospectus was prepared by the defendant, the managing director of a company. But the document did not contain all the material facts required by the Act to be disclosed.