The scrip was trading at its intra-day low of 0.89 Singapore dollar, down 11 per cent from its issue price of $1 per common unit on the Singapore Exchange in the late afternoon trade.
Indiabulls Properties Investment Trust (IPIT), incorporated in Singapore, has raised about $193 million through the IPO which was priced at one Singapore dollar, the lower end of the projected price band of 1-1.1 SGD per unit.
IPIT had received encouraging market response for its IPO, with strong interest from institutional investors, the company said in a filing.
About 251.11 million units have been validly allocated under the placement tranche and in addition Deutsche Bank AG, has over-allotted an additional 39.37 million common units to the placement.
Based on the offering price of SGD 1 per common unit and an aggregate of 262,483,183 common units, the initial market capitalisation of IPIT is about SGD 2.36 billion.
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On the Bombay Stock Exchange, Indiabulls Real Estate was trading down 3.11 per cent at Rs 379 on the BSE in the afternoon trade.