Patria Investments, a leading private equity firm based in Brazil, announced terms for its IPO on Thursday.
The São Paulo, Brazil-based company plans to raise $400 million by offering 26.7 million shares (38% insider) at a price range of $14 to $16. At the midpoint of the proposed range, Patria Investments would command a market value of $2.0 billion.
Patria is one of the leading private markets investment firms in Latin America in terms of capital raised, with over $8.7 billion raised since 2015, including co-investments. As of September 30, 2020, its AUM was $12.7 billion with 16 active funds, and its investment portfolio contained over 55 companies and assets. The company states that it intends to pay to holders its common shares dividends representing approximately 85% of its Distributable Earnings.
Patria Investments was founded in 1988 and booked $118 million in revenue for the 12 months ended September 30, 2020. It plans to list on the Nasdaq under the symbol PAX. J.P. Morgan, BofA Securities, Credit Suisse, and Goldman Sachs are the joint bookrunners on the deal. It is expected to price during the week of January 18, 2021.
