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.
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.
