Indiabulls REIT loses 10% on Singapore debut

A lacklustre opening and an even worse close towards the end of the day marked Indiabulls Properties Investment Trust���s debut on the Singapore Exchange on Wednesday.

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 Investment Trust is the first international offering in 2008 by any Indian developer. Spiralling property prices, higher interest rate for the past six year and impending volatility in global markets had led to other prominent developers like DLF and Unitech to postpone their offerings.

Indiabulls Properties had to go ahead with FY10E distribution yields of 9-10 %.