MUMBAI - The retail portion of Indiabulls Real Estate Ltd's Real
Estate
Investment Trust to be listed on Singapore Stock Exchange has been
fully
subscribed.
Thursday, the company had extended the closure of the public offer
until today "to enable wider retail investors participation."
Around 25% of the 353-mln-share issue, which is priced at S
$1.00-1.10 per share, is reserved for retail investors.
The issue had been subscribed 1.8 times on Thursday led by
institutional investor response, but had not received mandatory
response from minimum 1,000 retail investors.
The real estate company-sponsored Indiabulls Properties Investment
Trust will close today and is estimated to raise $286 mln (12.25 bln
rupees).
Shares of the trust--which owns two properties in Mumbai developed
by Indiabulls Real Estate across 3.4 mln sq ft--will list on SSE on
Wednesday. At 2:24PM, shares of Indiabulls Real Estate were
trading at 431.70 rupees on National Stock Exchange, up 6.8% from
close Thursday.
Thursday, the stock fell 9.5% to touch an intraday low of 373
rupees on reports retail investors response to the IPO remains
lukewarm, and is unlikely to get minimum 1,000 investors in this
category.
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