Patria Latin American Opportunity Acquisition, a blank check company formed by Patria targeting Latin American businesses, lowered the proposed deal size for its upcoming IPO on Tuesday.
The company now plans to raise $200 million by offering 20 million units at a price of $10. The company had previously filed to offer 25 million units. Each unit contains one share of common stock and one-half of a warrant, exercisable at $11.50. At the revised deal size, Patria Latin American Opportunity Acquisition will raise -20% less in proceeds than previously anticipated.
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 target sectors in Latin America where Patria has investment expertise, including healthcare, food and beverage, logistics, agribusiness, education, and financial services. Sponsor Patria Investments (PAX) IPO'd in January 2021, and closed Monday at $17.12 (+0.7% return from IPO).
Patria Latin American Opportunity Acquisition was founded in 2021 and plans to list on the Nasdaq under the symbol PLAOU. J.P. Morgan and Citi are the joint bookrunners on the deal.
