Patria Investments Limited Announces Pricing of Initial Public Offering

Rhea-AI Summary

Patria Investments Limited announced the pricing of its initial public offering (IPO) of 30,098,824 Class A common shares at $17.00 per share. The offering includes 16,650,000 shares from Patria and 13,448,824 shares from Blackstone PAT Holdings IV. The shares will trade on Nasdaq under the ticker symbol PAX. The closing of the offering is anticipated on January 26, 2021. Patria intends to use the proceeds for capital commitments, operational expansion, and general corporate purposes. Underwriters hold a 30-day option for an additional 4,514,823 shares.

Positive

• Pricing of IPO at $17.00 per share attracts investor interest.
• Proceeds to fund capital commitments and expand operations.
• Strong backing from underwriters like J.P. Morgan and BofA Securities.

Negative

• Potential dilution of shares due to the option for additional shares.
• Dependence on market conditions for the successful closure of the offering.

GRAND CAYMAN, Cayman Islands, Jan. 22, 2021 /PRNewswire/ -- Patria Investments Limited ("Patria"), one of the leading private markets investment firms in Latin America, today announced the pricing of its initial public offering of 30,098,824 Class A common shares, consisting of 16,650,000 Class A common shares offered by Patria and 13,448,824 Class A common shares offered by the selling shareholder, Blackstone PAT Holdings IV, L.L.C., pursuant to a registration statement on Form F-1 filed with the U.S. Securities and Exchange Commission ("SEC") at a public offering price of $17.00 per share. The Class A common shares are expected to begin trading on the Nasdaq Global Select Market under the ticker symbol "PAX" today and the offering is expected to close on January 26, 2021, subject to customary closing conditions.

In connection with the offering, Patria and the selling shareholder have granted the underwriters a 30-day option to purchase up to an additional 4,514,823 Class A common shares at the initial public offering price, less underwriting discounts and commissions.

Patria intends to use the net proceeds from the offering to fund capital commitments to its existing and new funds, for the expansion of its operations through acquisitions of asset managers, portfolios and distribution channels, and for general corporate purposes.

The offering is being made through an underwriting group led by J.P. Morgan, BofA Securities and Credit Suisse, who are acting as global coordinators, Goldman Sachs & Co. LLC, who is acting as joint bookrunner, and Bradesco BBI, BTG Pactual, Itaú BBA, Keefe, Bruyette & Woods, Inc., Santander and XP Investments US, LLC, who are acting as co-managers.

The offering will be made only by means of a prospectus. When available, copies of the final prospectus may be obtained by contacting: J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by telephone at 1-866 803 9204, or by email at prospectus-eq_fi@jpmchase.com; BofA Securities, Inc.,  NC1-004-03-43 200 North College Street, 3rd floor Charlotte NC  28255-0001, Attn: Prospectus Department or by email at dg.prospectus_requests@bofa.com; Credit Suisse Securities (USA) LLC, Attention: Prospectus Department, 6933 Louis Stephens Drive, Morrisville, North Carolina 27560, United States, or by telephone at 1-800-221-1037 or by email at usa.prospectus@credit-suisse.com.

A registration statement on Form F-1 relating to these securities has been filed with, and declared effective by, the SEC. Copies of the registration statement can be accessed through the SEC's website at www.sec.gov. This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor will there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Contact:

Luis Fernando E. Lopes
21 Grosvenor Pl, Belgravia  London SW1X 7EA, UK
t +44 79 1917 3408; +44 7584 129242
lfel@patria.com

Andre Medina
18 Forum Lane, 3rd floor, Camana Bay  PO Box 757 | KY1-9006, Grand Cayman, Cayman Islands
t +1 345 640 4904
Andre.medina@patria.com

 

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SOURCE Patria Investments Limited

FAQ

What is the initial public offering price for Patria Investments Limited?

The initial public offering price for Patria Investments is set at $17.00 per share.

When will Patria's shares begin trading?

Patria's shares are expected to begin trading on the Nasdaq under the ticker symbol 'PAX' on January 22, 2021.

What is the size of the offering for Patria Investments Limited?

The offering consists of 30,098,824 Class A common shares, with 16,650,000 shares from Patria and 13,448,824 shares from Blackstone.

How will Patria use the proceeds from the IPO?

Patria intends to use the net proceeds from the IPO for capital commitments, operational expansion through acquisitions, and general corporate purposes.