Ashoka WhiteOak Investment Trust IPO advised by Howard Kennedy
Howard Kennedy’s investment trust team assisted Ashoka WhiteOak Emerging Markets Trust plc (“AWEM”) on its £30.5 million London Stock Exchange IPO. The IPO was the first investment trust IPO since November 2021 and the first listed equities-focused investment trust since 2018. Today, 3 May, AWEM shares began trading at 8 a.m.
Marc Proudfoot, Partner
AWEM will focus on listed equities with global emerging market exposure. An new fee structure and annual redemption facility will align investors and fund managers. WhiteOak Capital Partners, the AIFM for Ashoka India Equity Trust plc, which raised £46 million on its IPO in 2018 but has doubled to nearly £200 million subsequently, will manage AWEM.
‘Emerging markets today represent an attractive starting point for an actively managed equities strategy, with generally lower inflation, lower debt levels and greater growth rates vs mature markets,’ said Singapore-based WhiteOak founder Prashant Khemka.
Ian Scott, Legal Director
Martin Shenfield, AWEM’s chair, said: ‘The investment companies IPO market has been dormant since late 2021… 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.’
The Howard Kennedy team, managed by Marc Proudfoot and assisted by Ian Scott, sponsored AWEM and advised Ellora Partners, the sole bookrunner, as the only London law firm that sponsors and advises investment companies. Howard Kennedy’s capital markets team was involved in two of London’s four successful main market IPOs this year after Guinness VCT plc’s April launch.
Marc Proudfoot, Partner and Head of Investment Trusts at Howard Kennedy said: “Following a relatively quiet period in the investment trust space, it is great to once again be part of a successful investment trust launch and have the opportunity to demonstrate our expertise in this area. We thoroughly enjoyed celebrating with the team today at the London Stock Exchange and we look forward to continuing to work with the Board and investment management team going forward.”
For detailed information, as well as the picture copyright, please see the law firm’s original article here: Howard Kennedy advises on IPO of Ashoka WhiteOak Investment Trust.