Indiabulls investment trust extends IPO closing date

Indiabulls Properties Investment Trust has extended the closing date for its initial public offering to June 6.

Analysts are reading the extension as a sign of a subdued market for IPOs.

Indiabulls had offered 262 million units at a range of S$1.00 to S$1.10 each.

If the units are priced at the top end of the indicative range, the IPO would have raised S$289 million.

Based on the minimum offering price of S$1 per unit, the trust has a forecast distribution per unit of 5.12 Singapore cents in 2009 and 9.82 Singapore cents in 2010.

Indiabulls is India’s third-largest property developer and is listed on the Bombay Stock Exchange and the National Stock Exchange of India.

Its main businesses span from project management, construction services to hotels and resorts.

Source : Channel NewsAsia – 5 Jun 2008

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