Indian property fund halves IPO amid lacklustre demand

Dev Property walks away with only $270 million as investor sentiment is hurt by sagging share prices for previous Indian AIM listings.

Dev Property Development, a fund set up to invest in property development projects backed by Indian developer Indiabulls Real Estate, has been forced to halve the size of its initial public offering to ú138 million $270 million after weak response from institutional investors.

The move could be a sign that foreign investors now feel there are sufficient alternatives if they want to invest in Indian real estate that they donÆt have to go for anything that comes up for sale....

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