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Ascendas to Launch First India Real Estate Trust
Ascendas, Asia’s leading business space provider will launch the first property trust of Indian assets worth $500 million Singapore IPO in July 2007 with the renowned real estate developer Embassy Group.
The company has earned a good name and fame as Office Park developer with the projects in Bangalore, Chennai, Hyderabad, Pune, and Nagpur. It has a plan to sell 425.3 million shares, with a greenshoe over allotment option of 10%.
The shares would be priced at about $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.
As per the estimations made by Reuters, the price band is likely to be fixed as $1.17 for each share with an offering of that size. However, the price range will not be disclosed until July 2.
Ascendas India, which hired Citigroup, DBS and JP Morgan to handle the deal, will begin its investor roadshow on July 9 and price its shares on July 23, the source said.
Ascendas India is embarking on a roadshow on July 9 and prices its shares on July 23. The company’s Chief Executive Officer Jonathan Yap refuses to comment on anything related to REIT, its assets or the stake Ascendas is pondering to maintain in the trust.
Ascendas narrowed down on Bangalore based real estate developer Embassy Group to launch the first Indian REIT, also in Singapore.
The Embassy Group had filed with the Singapore stock exchange to launch a US $150 million IPO. The listing is believed to take place by this June. Contrary to this information, a source well acquainted with the deal informs that the Embassy REIT listing will be held in the second half of the year.
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