PAX Stock Price Increased 17.06%: Why It Happened

By Amit Chowdhry ● Jan 25, 2021
  • The stock price of Patria Investments Ltd (NASDAQ: PAX) increased by 17.06% on Friday, January 22. This is why it happened.

The stock price of Patria Investments Ltd (NASDAQ: PAX) — one of the leading private markets investment firms in Latin America — increased by 17.06% on Friday January 22 as it went from a previous close of $17 to $19.90. Investors are responding to the company announcing the pricing of its initial public offering of 30,098,824 Class A common shares, consisting of 16,650,000 Class A common shares offered by Patria and 13,448,824 Class A common shares offered by the selling shareholder Blackstone PAT Holdings IV, L.L.C., pursuant to a registration statement on Form F-1 filed with the SEC at a public offering price of $17 per share. 

And the Class A common shares are expected to begin trading on the Nasdaq Global Select Market under the ticker symbol “PAX” today and the offering is expected to close on January 26, 2021, subject to customary closing conditions.

In connection with the offering, Patria and the selling shareholder granted the underwriters a 30-day option to buy up to an additional 4,514,823 Class A common shares at the initial public offering price, less underwriting discounts and commissions.

And Patria intends to use the net proceeds from the offering to fund capital commitments to its existing and new funds for the expansion of its operations through acquisitions of asset managers, portfolios and distribution channels, and for general corporate purposes.

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.