Australia's GDI Property Group shares debut down 5 percent after $278 million IPO

SYDNEY Mon Dec 16, 2013 8:09pm EST

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SYDNEY Dec 17 (Reuters) - Shares in Australia's GDI Property Group Ltd opened down on their debut on Tuesday after the company raised about A$310 million ($277.78 million) in its initial public offering at a busy time for IPOs In Australia.

Shares in the property investment manager opened at A$0.95, below its IPO price of A$1 a stapled security, and last traded at A$0.90, valuing the company at A$511 million.

Credit Suisse was the sole lead manager on the deal. ($1 = 1.1160 Australian dollars) (Reporting by Jackie Range; Editing by Paul Tait)

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