Ashoka WhiteOak Emerging Markets Trust (AWEM) garners 30.5 million (INR 314 crore)
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London has a new investment trust - Ashoka WhiteOak Emerging Markets Trust (AWEM) has ended the 16-month investment company listing drought on to the UK stock market following an initial public offer (IPO) that garnered £30.5m. (INR 314 crore ).
The investment trust will hope to replicate the success of its earlier counterpart the Ashoka India Equity (AIE). The AIE fund had raised £46m in 2018 and has grown to nearly £200 million since. Both the funds are run by veteran fund manager Mr. Prashant Khemka, Founder and Managing Director of WhiteOak Capital Management.
Based in Singapore, Prashant Khemka and his team will focus on small and medium-sized companies. ‘Emerging markets currently provide a compelling entry point for an actively managed equities strategy, with generally lower inflation, lower debt levels and higher growth rates versus developed markets,’ he stated.
AWEM will join the global emerging markets sector alongside Templeton Emerging Market (TEM), BlackRock Frontiers (BRFI) and JPMorgan Global Emerging Markets Income (JEMI).
Martin Shenfield, the trust’s chair, said: ‘The investment companies IPO market has been dormant since late 2021 and as such we are pleased to introduce the first listed equities-focused investment trust in almost five years to the premium segment of the main market of the London Stock Exchange.’
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