Ascendas India Trust, owned by a Singaporean office and industrial parks manager, plans to raise up to $500 million in a Singapore listing in July

Ascendas India Trust, owned by a Singaporean office and industrial parks manager, plans to raise up to $500 million in a Singapore listing in July, a person familiar with the matter said yesterday.

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

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 the 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.

Source: The Business Times, 19 June 2007