Sembcorp IPO, Green Loan, Moderna Surge: Market Movers
By Business Desk
Discover the week’s top market moves: Sembcorp’s India IPO, a S$530M green loan by Singapore banks, and Moderna’s stock surge on vaccine news.
Sembcorp Industries is preparing for an Initial Public Offering of its Indian renewable energy unit, Sembcorp Green Infra, aiming to raise up to US$500 million. This key development occurred as Singapore’s major banks extended a significant green loan and Moderna’s stock surged on vaccine trial success.
Sembcorp’s India IPO Plan
Sembcorp Green Infra’s planned IPO marks its second attempt at a public listing. The subsidiary has expanded substantially since its initial filing in 2018.
The unit now ranks among India’s top 10 renewable independent power producers, boasting a gross capacity of 7.6 gigawatts.
Singapore Banks Green Loan
DBS Group, OCBC, and UOB collectively provided a S$530 million green loan to DayOne, a digital infrastructure platform. This financing supports DayOne’s inaugural data center in Singapore.
The facility in western Singapore will be the nation’s first to incorporate on-site solid oxide fuel cell power generation, exploring hydrogen-based energy solutions. Construction began in July 2025, with operations expected by the first quarter of 2027.
Moderna and Merck’s Vaccine Breakthrough
Moderna and Merck announced a significant breakthrough with their personalized mRNA cancer vaccine, intismeran. Administered alongside Merck’s Keytruda, the vaccine met its primary objectives in a late-stage trial.
The trial involved over 1,100 melanoma patients, demonstrating that the treatment significantly prolonged the period patients lived without melanoma recurring. It also effectively reduced the risk of the cancer spreading.
This positive outcome propelled Moderna’s stock to surge approximately 177%. Merck’s stock also saw a notable increase of over 12% following the announcement.
CapitaLand Investment’s Acquisition Target
In the real estate sector, CapitaLand Investment and Malaysian developer IOI Properties Group are nearing an agreement to acquire One Raffles Place through a joint venture. The property is anticipated to sell for just under S$2.4 billion.
OUE REIT currently holds an indirect 81.54% interest in the development, with UOB holding the remainder. The prospective buyers are considering a partial redevelopment of the complex, which includes two office towers and a retail mall.