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Ascendas India Trust to raise US$325 mln in IPO


Ascendas India Trust to raise US$325 mln in IPO

Last updated: July 3 2007
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  • Ascendas India Trust to raise US$325 mln in IPO

    Ascendas India Trust, owned by a Singaporean office and industrial parks manager, plans to raise up to S$500 million (US$325 million) in a Singapore listing in July.

    Ascendas India, which last week launched a S$500 million property fund focused on Indian office projects, will sell 425.3 million shares with a greenshoe overallotment option of 10 percent.

    The shares would be priced at about S$1.17 each with an offering of that size, according to Reuters calculations, although the price range will not be disclosed until July 2, the source said.

    Ascendas also controls Ascendas Real Estate Investment Trust, which is Singapore's second-biggest real estate investment trust.

    The company had been in talks with bankers to list its Indian fund investing in information technology parks in that country's booming economy.

    Ascendas India, which hired Citigroup, DBS and JPMorgan to handle the deal, will begin its investor roadshow on July 9 and price its shares on July 23, the source said.

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    Re : Ascendas India Trust to raise US$325 mln in IPO

    Indian real estate trust in Singapore

    Business park developer Ascendas is set to launch Singapore's first listed Indian real estate trust, its preliminary prospectus said on Tuesday.

    The JTC Corporation subsidiary lodged the prospectus with the Monetary Authority of Singapore for the listing called Ascendas India Trust which will raise raise up to 550 million Singapore dollars (357 million US dollars).

    The Singapore-based trust, which currently holds 100 acres of land in Pune and Nagpur, intends to own income-producing real estate used primarily as business space in India.

    Ascendas, the sponsor for the trust, will initially inject four properties into it. These are the International Tech Park Bangalore, International Tech Park Chennai, the V Hyderabad, and CyberPearl Hyderbad.

    The trust will have proposed developments totalling 1.5 million square feet of space, the prospectus said.

    Ascendas launched the Ascendas India Development Trust last month to invest in integrated real estate projects in India.
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