Temasek-Backed Indian IPOs Jump Over 30% as Fund Builds $42 Billion Exposure
Updated
Updated · CNBC · Aug 20
Temasek-Backed Indian IPOs Jump Over 30% as Fund Builds $42 Billion Exposure
3 articles · Updated · CNBC · Aug 20
Summary
Three Temasek portfolio companies surged after listing this week: Shiprocket closed nearly 50% above its IPO price, Milky Mist traded 40% higher, and Molbio Diagnostics held a 26% premium after a Wednesday dip.
Shiprocket’s IPO was oversubscribed nearly 100 times, underscoring the strong institutional and retail demand that also lifted Temasek-backed debuts including Manipal Health, still up 25% from its earlier-August listing.
Temasek said India is its best-performing market over the past decade and that it deployed nearly $9 billion there in the last three years, taking total exposure to $42 billion.
That bullish stance contrasts with broader foreign sentiment: overseas investors sold nearly $19 billion of Indian equities last year, with 2026 outflows reaching $24.7 billion through Aug. 19, while a BofA survey ranked India Asia’s least favored market.
Temasek said it remains constructive on India’s structural growth and is expanding beyond consumer, financial services and healthcare into industrials, infrastructure and renewables.