Patria Investments completes IPO

Patria Investments Ltd. closed its IPO at an offer price of $17.00 per share, with net proceeds estimated to have reached about $302.7 million, excluding underwriting discounts and commissions.

The company issued and sold 19,147,500 class A common shares, while Blackstone PAT Holdings IV LLC sold an additional 15,466,147 class A common shares, for a total of 34,613,647 shares. The total includes 4,514,823 class A common shares as a result of the full exercise of the underwriters' overallotment option.

Patria will not receive any proceeds from the sale of shares by Blackstone.

The shares began trading on the Nasdaq Global Select Market on Jan. 22 under the symbol PAX.

The company will use the net proceeds for funding capital commitments to its existing and new funds and expanding its operations through acquisitions of asset managers, portfolios and distribution channels, as well as for general corporate purposes.

J.P. Morgan, BofA Securities and Credit Suisse acted as global coordinators in the offering, while Goldman Sachs & Co. LLC acted as joint bookrunner. Bradesco BBI, BTG Pactual, Itaú BBA, Keefe Bruyette & Woods Inc., Santander and XP Investments US LLC acted as co-managers.