Intrastate offering is a sale of securities in one state that provides an exemption from SEC registration.
Applying "Intrastate Offering" to Securities Exams:
Some times a small issuer of securities may look to sell securities only to residence of one state. This is known as an intrastate or Rule 147 offering. Because all the securities are being sold to residence of a single state the securities being sold do not need to be registered with the SEC.