A more thorough explanation:

A price memorandum is a document that is created by an underwriter to explain how securities are priced for a public offering. It typically includes estimates and appraisals that are not allowed as part of the offering documents.

For example, if a company is going public and wants to sell shares of stock, they will work with an underwriter to determine the price of those shares. The underwriter will create a price memorandum that explains how they arrived at that price, including any estimates or appraisals that were used.

The price memorandum is important because it helps investors understand how the securities are priced and what factors were considered in determining that price. It can also help investors make informed decisions about whether or not to invest in the securities.