This week brings a Singapore blue-chip preparing to list its Indian renewable energy business and a landmark green loan backing the Republic’s first hydrogen-powered data centre.
In addition, a cancer vaccine readout reshaped two US healthcare stocks overnight.
Finally, we look at a possible change of ownership at one of Raffles Place’s best-known addresses.
An Indian renewables arm gets readied for the market
Sembcorp Industries (SGX: U96) is preparing to file for an initial public offering (IPO) of its Indian renewable energy unit, Sembcorp Green Infra, in a share sale that could raise as much as US$500 million.
Bloomberg reported on 17 August 2026 that the Temasek Holdings-backed group plans to submit draft documents as early as this month, working with Axis Capital, HSBC Holdings, Citigroup, Kotak Mahindra Capital, ICICI Securities and IIFL Capital Services on the proposed offering.
This would be the unit’s second attempt at a listing.
It filed paperwork with India’s market regulator in 2018 but withdrew the filing months later after its parent decided to inject additional equity capital into the business.
The unit has grown considerably since then.
Sembcorp Green Infra ranks among India’s 10 largest renewable independent power producers by operational capacity as at 31 March 2026, with more than 75 renewable assets across 18 states and 7.6 gigawatts of gross capacity installed and under development.
Deliberations remain ongoing, and the size and structure of the offering could still change.
Three local lenders bankroll a hydrogen-powered data centre
DBS Group (SGX: D05), OCBC (SGX: O39) and UOB (SGX: U11) have jointly extended a four-year green loan of S$530 million to DayOne, a global digital infrastructure platform, the banks announced on 18 August 2026.
The facility will finance DayOne’s first data centre in Singapore, which is expected to be the Republic’s first to feature on-site solid oxide fuel cell power generation – a proof-of-concept exploring hydrogen-based energy solutions.
All three lenders are acting as joint mandated lead arrangers, bookrunners and green loan coordinators, with DBS additionally serving as facility and security agent.
Located in western Singapore, the 20-megawatt facility broke ground in July 2025 and is scheduled to be operational by the first quarter of 2027.
It will incorporate vertical building-integrated photovoltaics alongside hybrid air and liquid cooling, and was awarded a BCA Green Mark Platinum (Provisional) certification in December 2025.
DayOne itself is privately held, having been spun out of GDS Holdings (NASDAQ: GDS), though reports suggest it is weighing a dual listing.
A landmark cancer trial rewrites the mRNA investment case
Moderna (NASDAQ: MRNA) and Merck (NYSE: MRK) announced on 19 August 2026 that their personalised mRNA cancer vaccine, intismeran, succeeded in its first late-stage trial – the first randomised Phase 3 result for a neoantigen cancer vaccine.
The shot, given in combination with Merck’s immunotherapy Keytruda, met key goals in a trial of more than 1,100 patients with higher-risk or advanced melanoma whose detectable cancer had been completely removed through surgery.
The regimen significantly extended the time patients lived without their melanoma returning compared with Keytruda alone, and also reduced the risk of the cancer spreading to distant parts of the body.
Investors reacted sharply.
Moderna’s stock soared around 177% while Merck climbed more than 12%, with the difference in magnitude reflecting their relative sizes – Merck’s market capitalisation stood at roughly US$333 billion entering the session against Moderna’s US$25 billion.
The results stem from a pre-planned interim analysis, with full data to be presented at a medical meeting and shared with regulators.
A Raffles Place landmark looks set to change hands
CapitaLand Investment (SGX: 9CI) and Malaysian developer IOI Properties Group (Bursa: IOIPG) are nearing a deal to acquire One Raffles Place through a joint venture, Bloomberg reported on 20 August 2026, with the property likely to be sold for just under S$2.4 billion.
OUE REIT (SGX: TS0U) holds an indirect 81.54% interest in the development, while UOB holds the remaining 18.46% and occupies space in the complex.
The asset comprises two office towers of 62 and 38 floors alongside a retail mall, with 65,309 square metres (702,980 square feet) of lettable space.
The sellers were initially seeking as much as S$2.5 billion.
One Raffles Place was valued at S$2.37 billion at the end of 2025, based on the stake the REIT controls.
The buyers are exploring a partial redevelopment, though UOB is expected to retain the space it occupies.
The deal follows IOI’s agreement to buy Asia Square Tower 2 for S$2.48 billion from the CapitaLand Investment-backed REIT, CapitaLand Integrated Commercial Trust (SGX: C38U).
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