Patria Investments Sets IPO at 26.65 Million Shares; Sees Pricing at $14-$16 Each

By Colin Kellaher

Patria Investments Ltd. on Thursday said it plans to sell 16.65 million shares at between $14 and $16 apiece in its initial public offering.

At the $15 midpoint of that range, the Cayman Islands private-markets investment firm said it expects net proceeds of about $224.5 million, or roughly $259.3 million if the underwriters exercise in full an option to buy about 2.5 million additional shares.

Patria said current shareholder Blackstone Group Inc., which owns a 30% stake and 4.1% total voting power, plans to sell 10 million shares in the offering, bringing the total size of the IPO to 26.65 million shares.

Patria said it plans to use the bulk of the proceeds from the offering to fund capital commitments to existing and new funds and for the expansion of its operations through acquisitions of asset managers, portfolios and distribution channels.

The company said it has applied to list its shares on the Nasdaq Global Select Market under the symbol PAX.

Write to Colin Kellaher at [e-mail]

(END) Dow Jones Newswires

January 14, 2021 07:14 ET (12:14 GMT)

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