IndoSpace, an Indian industrial property developer backed by Everstone Group and Realterm Global, is considering an initial public offering of a real estate investment trust in Singapore, people with knowledge of the matter said.

The developer is in discussion with investment banks, the people said, asking not to be identified as discussions are private. The IPO could take place as early as next year, they said. IndoSpace, with tenants including Nissan Motor Co. and Procter & Gamble Co., raised $330 million last January when it closed its second fund.

Singapore listings have slumped as investors pulled money from Asia ahead of an expected interest rate increase by the U.S. Federal Reserve, with companies raising just $117 million this year, down from the $2.1 billion in the previous period in 2014, data compiled by Bloomberg shows. Singapore Exchange Ltd. said this month it is forming a listings advisory committee to help revive IPOs at Southeast Asia’s biggest bourse.

“The Everstone Group does not comment on market rumors or speculation,” the company said in an e-mail statement.

IndoSpace has 11 projects under development across five cities in India, and a target built-up area of 15 million square feet of industrial and warehousing facilities, according to its website.

Everstone, founded in 2006, manages $3.3 billion in private equity and real estate assets in India and Southeast Asia, according to its website. The firm said in August last year that it has appointed Brooks Entwistle, previously Goldman Sachs Group Inc.’s chairman for Southeast Asia, as its group chief executive officer in Singapore.

Realterm Global is a U.S.-based industrial real estate company.

An index gauge tracking 33 REITS in Singapore has tumbled 11 percent this year.

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