An uninspiring opening and an even worse close towards the end of the day marked Indiabulls Properties Investment Trust’s debut on the Singapore Exchange on 11th june.
During the day, it went down to as low as 0.88 cents and closed 10% below the issue price of S$1. The stock could not breach its issue price of S$1, reports Supriya Verma in Mumbai.
The trust sold shares at S$1 each, the bottom of the proposed range, after delaying the sale by a day, According to a June 6 statement, the division had aimed for as much as S$388.3 million from selling shares at S$1-1 .10 a piece.
Indiabulls Properties had to go ahead with FY10E distribution yields of 9-10 %.
Indiabulls Properties Investment Trust is the first international offering in this year by any Indian developer. Spiraling property prices, higher interest rate for the past 6 yrs and impending volatility in global markets had led to other prominent developers like DLF and Unitech to postpone their offerings.
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Indiabulls Properties Investment Trust opened flat at its IPO price of $1.00 but then fell as much as 7.5 per cent in its Singapore market debut on Wednesday.
The fall continues the poor record for listing of new real estate investment trusts, after the last two Reits to list in Singapore, Lippo-Mapletree Indonesia Retail Trust and Saizen Reit, tanked on their debuts last November and are still trading as much as 31 per cent below their IPO price.