Indiabulls Property Trust - Update

Previously, I had discussed the IPO of Indiabulls Property Trust in Singapore and how it was floundering in the secondary market. So far this week, the performance continues to be on similar lines. The volume on the counter has come down in a big way - but the core story remains. Only buyer of size remains Deutsche Bank, in their capacity as the stabilization agent. In addition, Farallon filed a notice saying it acquired a further 17 million units in the IPO. We are yet to find out how many units of the IPO went to Indiabulls Real Estate (beyond the 40+% that was already owned by them). In summary, it appears that the IPO had very limited demand even at the lower end of the price band and the clearing price is actually below S$0.9 (where it is being supported right now.