WhiteOak Capital plans D-Street foray with Rs 1,500 crore IPO
WhiteOak Capital is gearing up for an initial public offering projected to raise ₹1,500 crore, potentially reaching a valuation of ₹9,000 crore. Established by Prashant Khemka in 2017, the firm oversees around $13 billion in assets. Following the recent trends set by alternative investment firms like Gaja Capital, Khemka has confirmed plans to go public; however, no definitive timeline has been…
New Delhi: Prashant Khemka's WhiteOak Capital is in the process of preparing for an initial public offering (IPO) that could raise up to ₹1,500 crore, according to sources familiar with the matter. The asset management firm, which manages approximately $13 billion, may be aiming for a ₹9,000 crore valuation upon listing. Khemka founded WhiteOak Capital in 2017 after leaving Goldman Sachs.
WhiteOak Capital's proposed IPO follows the lead of other alternative investment managers who are turning to the public markets to raise capital. Gaja Alternative Asset Management, listed on August 26, raised ₹550 crore, which included a ₹450 crore fresh issue. Abakkus Asset Manager, headed by Sunil Singhania, also filed a draft red herring prospectus (DRHP) for an IPO on September 22.
Khemka confirmed WhiteOak's intention to go public in an email response to ET's queries, stating that the company is being built and managed by top professionals. They see a public listing as a way to attract and retain talent, ensuring its position as India's pioneering multinational asset manager. While an IPO is part of their strategic plan, there are no specific timelines at this stage. The firm currently holds profitable funds both in India and overseas, with some exposure to emerging markets.
Khemka's career at Goldman Sachs included managing a $25-billion portfolio of US equities. Upon leaving Goldman Sachs in 2006, he relocated to India and built up a $5 billion portfolio for the firm. Preparations for WhiteOak Capital's IPO started a few months ago, with the company passing board resolutions in December last year to increase authorised share capital tenfold.
Its current authorised share capital stands at ₹1,275 crore, up from ₹275 crore. An employee stock option pool was also established a few months before the IPO preparations began.
Written by urgent.news from The Economic Times - Top News's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
