Indiabulls Properties Investment Trust opened flat at its IPO price of S$1.00 but then fell as much as 7.5% in its Singapore market debut on 11 June.
The subsidiary of Indiabulls Real Estate had raised S$353.5 million after pricing its initial public offer at the lower end of the indicative price band of S$1 to S$1.10. Despite the REIT extending the IPO offer by a day due to poor retail subscription, retail investors interest was weak - 1.75 million out of the 13.1 million units alloted to the public offer were not taken up.
The fall continues the poor record for listing of new real estate investment trusts, after the last two REITs to list in Singapore, Lippo-Mapletree Indonesia Retail Trust and Saizen REIT, tanked on their debuts last November and are still trading as much as 31% below their IPO price.
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