Indiabulls trust prices IPO at the bottom

The Reit-like vehicle, which invests in Indian properties, is able to raise $193 million after attracting 30 to 35 institutional investors and 1.4 times the order amount it needed.

Indiabulls Properties Investment Trust IPIT has priced its initial public offering at the bottom of the indicated range at S$1.00 for a total deal size of S$262.5 million $193 million and a projected yield of 9.8% for the fiscal year to March 2010. The trust, which focuses on commercial property in India, is due to start trading in Singapore at 2pm on June 11.

The low-end pricing was widely expected, given the continued negative sentiment both for Singapore-listed real estate...

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