Brazil's BTG Pactual values Pátria up to $1.6B in IPO – Reuters

Brazilian lender Banco BTG Pactual SA estimates asset manager Pátria Investimentos Ltda will be valued at between $1 billion and $1.6 billion in its initial public offering of its class A shares, Reuters reported, citing a client note from the bank.

The valuation does not include proceeds from the offering and is based on Pátria's peers, according to the newswire.

Pátria Investimentos filed for an IPO at the end of December 2020, confirming earlier reports.

The maximum aggregate offering price was for $100.0 million, but an actual target offering size was not given. Proceeds would reportedly be used for investments in funds; for expansion of operations through acquisitions of other asset managers, portfolios and new distribution channels; and for general corporate purposes.

J.P. Morgan, Bank of America and Credit Suisse will manage the IPO.

Private equity firm The Blackstone Group Inc., which backs Pátria Investimentos, would reportedly sell its 40% stake, which it bought in 2010.

Fellow asset manager Vinci Partners Investments Ltd. also filed for an IPO on the Nasdaq early in January.