Patria Investments Ltd expects IPO valuation between $1 billion to 1.6 billion

In a statement Brazilian asset manager Patria Investments Ltd said it is slated to reach a valuation of between $1 billion to $1.6 billion in its planned initial public offering (IPO) on Nasdaq.

On December 30, Patria, which has $13 billion assets under its management, filed for an IPO with the Securities and Exchange Commission (SEC).

Patria had then said, it plans on raising money to invest in its funds and expand its operations through buying asset managers, portfolios and distribution channels.

“The valuation does not include proceeds raised in the offering and is based on Patria’s peers, such as Blackstone and Carlyle Group Inc”, said BTG.

“We see plenty of room for investments to grow in Brazil, and with more money going toward independent players (ex-banks) like Patria, there are strong tailwinds for alternative investments to grow as well,” said BTG.

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

Incidentally, Brazilian asset managers are attracting billions from investors who are seeking higher returns at a time when the benchmark interest rate in Latin American’s largest economy is at a record low of 2%.

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