i Develop Stocks Advisory

DLF, Unitech defer Singapore IPOs Country's top two real estate firms DLF and Unitech have deferred their plan to launch initial public offers of their office trust to raise over $2.5 billion in Singapore and are looking for market conditions to improve. Unitech, the second largest realty firm was planning to raise about USD 700 million through the IPO and the company had in January received approval from the Singapore Exchange to launch the IPO of its office trust in that nation. When contacted Unitech Managing Director Sanjay Chandra told media, the company has "deferred" its plan to raise funds from Singapore till market conditions improve. In a stock exchange filing, Unitech today said Lehman Brothers would invest $175 million in a project in Mumbai. Billionaire businessman K P Singh- promoted DLF Assets, which had also been mulling to list its office trust in Singapore to raise up to $2 billion, has also deferred its plan and is awaiting for suitable market conditions. "We are waiting for market conditions to improve," a company source said, adding the IPO is very much on track. DLF Offices Trust, is a Real Estate Investment Trust (REIT) of DLF Assets. DLF Vice-Chairman Rajeev Singh had said in January that the DLF Office Trust would get listed before the middle of this year. "It's not a small number. It will be of a good size," he had replied when asked about the total fund the company plans to raise through Singapore listing.