Patriot National, Inc. (PN) Files for $100M IPO

Patriot National, Inc. (NYSE: PN) filed a registration with the U.S. SEC for an IPO of its Common Stock. The proposed maximum offering price is $100 million. The company plans to list on the NYSE under the symbol, PN.

The offering is being made via UBS Investment Bank, BMO Capital Markets, and SunTrust Robinson Humphrey.

Patriot National said, We generate fee revenue for our services, and we do not write any insurance policies or bear underwriting risk. On a pro forma basis, after giving effect to the Acquisitions, this offering and the application of use of proceeds therefrom, our revenue was $101.1 million for the nine months ended September 30, 2014 and $93.0 million for the year ended December 31, 2013.

Patriot National is a national provider of comprehensive outsourcing solutions within the workers’ compensation marketplace for insurance companies, employers, local governments and reinsurance captives.

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