WhiteOak Capital is preparing for an initial public offering that could raise ₹1,500 crore, potentially achieving a ₹9,000 crore valuation on listing. According to reports from The Economic Times, the firm, which manages approximately $13 billion in assets, was founded by former Goldman Sachs executive Prashant Khemka in 2017 after he relocated to India from the US. The company's funds are domiciled both in India and overseas, with investments spanning Indian equities and emerging markets.
WhiteOak Capital's IPO plans align with the growing trend of alternative investment managers accessing public markets for capital. As reported by The Economic Times, Gaja Alternative Asset Management (Gaja Capital) listed on August 26, becoming the first private equity investor in India to go public, raising ₹550 crore including a ₹450 crore fresh issue. Abakkus Asset Manager, founded by Sunil Singhania, also filed a draft red herring prospectus on September 22 for an IPO entirely comprising an offer-for-sale by its promoter. Khemka confirmed the public listing plan but stated there are no definite timelines for the IPO.
Ministry of corporate affairs records show that WhiteOak Capital passed board resolutions in December last year to increase authorised share capital by tenfold. According to The Economic Times, the authorised share capital increased to ₹1,275 crore from ₹275 crore. Additionally, an employee stock option pool was created a few months prior to these resolutions, indicating preparatory steps for the potential public offering.
Khemka previously managed a $25 billion portfolio of listed US equities as a fund manager for Goldman Sachs before relocating to India in 2006. As reported by The Economic Times, when he left Goldman Sachs, he had built up a $5 billion portfolio of investments for the firm. The company's strategic rationale for going public includes attracting and retaining talent to perpetuate its position as India's pioneering multinational asset manager, with Khemka emphasizing the firm's healthy profitability as a key factor supporting the IPO consideration. Khemka stated that "the firm does envisage going public at some point" while maintaining that there are no definite timelines for the listing.
