Ashoka WhiteOak Emerging Markets Trust (AWEM), a new UK investment trust seeking to achieve long-term capital appreciation through investment primarily in quoted securities that provide exposure to global emerging markets, announced that it has successfully raised gross proceeds of £30.5m through the IPO of its ordinary shares.
AWEM is the first premium listed IPO in the investment companies space since November 2021 and the first listed equities-focused investment trust launched since 2018.
Martin Shenfield, Non-Executive Chairman of Ashoka WhiteOak Emerging Markets Trust plc, 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. We believe this was only achievable with a world class Investment Adviser in WhiteOak, in addition to AWEM’s innovative and shareholder friendly fee structure and differentiated investment approach. The Board looks forward to working constructively with the WhiteOak team to deliver returns to our shareholders and materially scaling the Company in due course.”
Prashant Khemka, Founder of the Investment Adviser, commented:
“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. AWEM is our second London-listed investment company and we are grateful for the support from investors for whom we have already delivered strong returns in Ashoka India Equity Investment Trust, in addition to those shareholders we have met for the first time with AWEM. We are excited to launch AWEM on the London Stock Exchange and apply our track record of alpha generation to it. We would like to thank the participating shareholders and look forward to updating them in due course.”
Application for Admission
Application has been made for the admission of 30,532,279 Ordinary Shares to the Premium Segment of the Official List and trading on the Main Market of the London Stock Exchange plc (‘Admission’). It is expected that Admission will become effective and unconditional dealings in the Ordinary Shares will commence at 8.00 a.m. (London time) on 3 May 2023.
AWEM : Ashoka WhiteOak Emerging Markets Trust raises £30.5m at IPO