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Patria SPAC Files for USD250m IPO

19 March 2021

Patria Acquisition, a SPAC formed by Patria Investimentos targeting Latin American companies, has filed to raise up to USD250m in an IPO on the Nasdaq.

(Nasdaq) 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.

The article Latin America-focused SPAC Patria Acquisition files for a $250 million IPO originally appeared on IPO investment manager Renaissance Capital’s web site renaissancecapital.com.

Investment Disclosure: The information and opinions expressed herein were prepared by Renaissance Capital’s research analysts and do not constitute an offer to buy or sell any security. Renaissance Capital’s Renaissance IPO ETF (symbol: IPO), Renaissance International ETF (symbol: IPOS), or separately managed institutional accounts may have investments in securities of companies mentioned.