Singapore's Temasek is on a hot streak in India as three bets surge after IPOs
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- Shiprocket listed at a 35% premium and ended its debut day nearly 50% above its IPO price, with the offering oversubscribed roughly 100 times
- Milky Mist traded 40% above its IPO price on Wednesday, while Molbio Diagnostics held a 26% premium after a post-listing dip
- Temasek has deployed nearly $9 billion in India over the past three years, lifting its total India exposure to $42 billion — a four-fold rise over the decade — and was a net buyer of listed Indian equities in the past financial year
- Foreign investors did the opposite: they sold nearly $19 billion of Indian equities last year and continued net selling through August, per NSDL data
- India's underweight status topped BofA Global Research's Asia fund manager survey, with managers citing weak growth, slow reforms, and high valuations
- Nitin Jain, CEO of Kotak Mahindra Asset Management Singapore, called the survey "a clear awakening signal to India policymakers that global investment in India is at the lowest level"
Why it matters: Temasek's $42 billion India exposure and status as a net buyer of listed Indian equities stand in direct opposition to the $19 billion foreign investors sold last year and India's last-place ranking in BofA's Asia fund manager survey. The Singapore sovereign fund is now the most prominent contrarian capital source into India, with three simultaneous post-IPO winners amplifying the message to global allocators already pulling back.
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