Singapore's Temasek on hot streak in India as three bets surge on IPOs
Singapore's state investor Temasek Holdings is seeing strong returns on its Indian portfolio, with several recent IPOs performing well. This success contrasts with broader market skepticism from other foreign investors who have been pulling capital from India.
Why it matters
Temasek's contrarian investment strategy highlights a divergence in global investor sentiment regarding India's economic growth and valuation.
Singapore state investor Temasek Holdings is on a hot streak in India, where three of its portfolio companies have gained more than 30% after market debuts this week.
On Wednesday, shares of logistics company Shiprocket listed at a 35% premium and ended the day at 143 rupees ($1.50), nearly 50% above the initial public offering price. The IPO was oversubscribed nearly 100 times, owing to strong demand from both institutional and retail investors.
Dairy product maker Milky Mist, which listed on Tuesday, traded 40% above the IPO price on Wednesday. Temasek holds over a 5% stake in both these companies.
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