Patriot National Stock Goes Public at a Price 22% Lower than Initial Estimate

Patriot National launched its initial public offering on the New York Stock Exchange on Friday, offering its shares at a price of $14 each instead of the $18 it initially announced Jan. 6. The company announced the change, which represents a 22% decrease in value per share, on Thursday. According to the investment website SeekingAlpha, the stock traded between $13 and $13.70 Friday morning. Renaissance Capital reported that Patriot National raised $116 million through the IPO, compared with an initial estimate that it would bring in $141 million for the company. Patriot National wr...