Indiabulls Properties Investment Trust, the real estate investment trust (REIT) of Indiabulls Real Estate, had a disappointing debut in Singapore on Wednesday. The property trust declined in its trading debut after the company raised S$353.5bn (US$258mn) in an IPO.
The money raised through the Singapore issue was less than the maximum S$388.3mn that the Indiabulls Real Estate arm had hoped to mobilise. Indiabulls Properties dropped 5.5% to 95 Singapore cents at 3:34 p.m. on the Singapore stock exchange.
Shares of parent Indiabulls Real Estate dipped Rs10 or 2.6% to Rs381, the lowest in almost a year, in Mumbai. The stock is down 55% this year as rising interest rates and soaring property prices have hurt property sales. Industry analysts see further drop in Indias property prices.
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