Ascendas India Trust to raise US$325 mln in IPO

Hong Kong, June 18: Ascendas India Trust, owned by a Singaporean office and industrial parks manager, plans to raise up to US $500 million (US $325 million) in a Singapore listing in July, a person familiar with the matter said on Monday.

Ascendas India, which last week launched a US $500 million property fund focused on Indian office projects, will sell 425.3 million shares with a greenshoe overallotment option of 10 per cent, the source said.

The shares would be priced at about US $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.

Reuters