Singapore's Temasek is on a hot streak in India as three bets surge after IPOs

Signage for Temasek Holdings Pte during a news conference in Singapore, on Tuesday, July 9, 2024. Singapore state-owned investor Temasek's big bet on China has soured further, as the US and India played a bigger role in generating returns. Bloomberg | Getty ImagesSingapore 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.That's as Molbio Diagnostics, which debuted on Monday, traded at a premium of 26% to its IPO price, after a drop on Wednesday. Temasek owns an 8.74% stake in the company, according to data on the BSE. Temasek-owned Indian hospital chain Manipal Health, which listed in India earlier this month, is at a 25% premium to its IPO pri...