Indiabulls Real Estate Ltd (IBREL) plans to raise up to US$ 286 million through an initial public offer (IPO) in Singapore.

IBREL has offered to sell 353.5 million shares of Indiabulls Properties Investment Trust (IPIT) at a price band of 1.0-1.1 Singapore dollar each. This will be the first stake sale by an Indian real estate company in Singapore.

IPIT is a business trust registered under the laws of Singapore and is planning to make an offer of its units for subscription by investors.

The company had filed an IPO prospectus for listing its properties investment trust in Singapore earlier this month.