Patriot National, which provides workers' compensation brokerage and administration services for insurance companies, announced terms for its IPO on Tuesday. The Fort Lauderdale, FL-based company plans to raise $141 million by offering 8.3 million shares (12% insider) at a price range of $16 to $18. At the midpoint of the proposed range, it would command a fully diluted market value of $458 million.
Patriot National, which was founded in 2003 and booked $91 million in revenue for the 12 months ended September 30, 2014, plans to list on the NYSE under the symbol PN. UBS Investment Bank, BMO Capital Markets and Suntrust Robinson Humphrey are the joint bookrunners on the deal. It is expected to price during the week of January 12, 2015.
