Mumbai: Indiabulls Properties Investment Trust said it had extended the retail portion of its $284 million initial public offer of shares in Singapore by a day to Friday.
The company, a unit of India’s fourth-largest developer by market value Indiabulls Real Estate, did not give a reason, but a banker involved in the deal said the extension was because the retail component, comprising 5% of the total offering, was not fully subscribed.
The banker, who did not want to be identified, said 1,000 subscribers were required to close the retail portion and had reached 700.
The 353.5 million share sale in an indicated price band of S$1-S$1.10 had opened on June 2.
“The joint issue managers, financial advisers, book-runners and underwriters have closed the book of orders for the placement tranche,” the company said in a statement, suggesting the institutional book was covered.
Deutsche Bank and Merrill Lynch are the joint managers of the offering.
The parent Indiabulls has handed over two properties under development in Mumbai with a total of 3.4 million sq ft to the trust, the offer document showed.
Shares in Indiabulls Real Estate, whose market value has halved to $2.5 billion in 2008, were trading 6.6% lower at Rs385 per share.