Indiabulls raises S$262m after pricing IPO units at S$1

Indiabulls Properties Investment Trust has raised S$262 million from its initial public offering after pricing its units at S$1 each.

This is at the lower end of its indicative range of S$1.00 to S$1.10. Analysts said the lower pricing could be a sign of a subdued IPO market.

Indiabulls had offered 262 million units to investors. It also extended the closing date for its IPO to Friday, June 6.

Based on the offer 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 and IT parks to hotels and resorts.

Source : Channel NewsAsia – 6 Jun 2008

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