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Indiabulls Trust prices IPO at S$1-S$1.10 - source

Sun May 25, 2008 9:28pm EDT

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SINGAPORE, May 26 (Reuters) - Indiabulls Properties Investment Trust is offering shares in its initial public offering at a S$1-S$1.10 price range, to raise up to S$389 million ($287 million) in a Singapore listing, a source briefed on the deal said on Monday.

The IPO, in which the group will sell 353.5 million shares, would be the first for a real estate investment trust in half a year since the market went cold in November. Deutsche Bank (DBKGn.DE) and Merrill Lynch MER.N are handling the deal.

The trust, which is sponsored by India's fourth-largest developer by market value, Indiabulls Real Estates (INRL.BO), filed its prospectus earlier this month. (Reporting by Saeed Azhar; Editing by Jan Dahinten)



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