Patria Acquisition, a blank check company formed by Patria targeting Latin American businesses, filed on Friday with the SEC to raise up to $250 million in an initial public offering.
The Grand Cayman, Cayman Islands-based company plans to raise $250 million by offering 25 million units at $10. Each unit will consist of one share of common stock and one-third of a warrant, exercisable at $11.50. At the proposed deal size, Patria Acquisition will command a market value of $313 million.
The company is led by Chairman Ricardo Scavazza, who is a Managing Partner at Patria Investments where he also serves as CEO and CIO of Latin American Private Equity. He is joined by CEO José Augusto Teixeira, who is a Partner at Patria and serves as Head of Marketing and Products, and CFO Marco D'Ippolito, who is the CFO of Patria. Patria Acquisition intends to focus its search in Latin America and in sectors where Patria has developed investment expertise. This includes sectors such as healthcare, food and beverage, logistics, agribusiness, education, and financial services.
Patria Acquisition was founded in 2021 and plans to list on the Nasdaq. The company has not yet chosen a ticker (RC ticker: PATU.RC). J.P. Morgan is the sole bookrunner on the deal.
