UPDATE 2-Patriot Risk cuts IPO, CapitalSource REIT cancels

* Patriot Risk cuts expected IPO to $8 from $10-$12

* Raises number of shares to 21.2 mln

* Expected to debut on NYSE under symbol “PMG”

(Adds details on pricing date; adds REIT IPO withdrawal)

NEW YORK, Feb 5 (BestGrowthStock) – Patriot Risk Management Inc,
which underwrites and administers workers’ compensation
insurance cut the estimated value of its initial public
offering by 9.3 percent on Friday, according to a regulatory

The company, which also provides claims services, lowered
its estimated IPO price, but raised the number of shares it is
selling. The company said it now plans to sell 21.2 million
shares for $8 each, raising about $169.6 million.

Patriot Risk Management earlier planned to sell 17 million
shares for $10 to $12 each, according to a filing with the U.S.
Securities and Exchange Commission.

A spokesman for underwriter FBR Capital Markets declined to
say when Patriot Risk Management might attempt price the IPO,
which had been on the schedule for this week.

The IPO market has proved tricky of late as investors shy
away from unproven companies and weak financials amid an
unsteady overall equities market, leading many companies to
postpone or cancel their IPOs or settle for lower proceeds.

Separately, CapitalSource Healthcare REIT, a real estate
investment trust that sought as much as $345 million to invest
in skilled nursing facilities in the United States, withdrew
its IPO plans on Friday, according to a filing.

That IPO was managed by Banc of America Securities LLC,
Citi and Deutsche Bank Securities.

Patriot reported total revenue of $40.4 million in the nine
months ended Sept. 30, up 5.7 percent from the same period a
year earlier. Its net income nearly quadrupled to $2.4

The company said it would use net proceeds of about $160.3
million to support its premium writings and to buy property and
casualty insurer PF&C.

FBR Capital Markets and the other underwriters on the
Patriot Risk IPO will have the option to purchase an additional
3.18 million shares.

The company is expected to debut on the New York Stock
Exchange under the symbol “PMG.”

Stock Today

(Reporting by Clare Baldwin; additional reporting by Phil
Wahba; editing by Derek Caney and Andre Grenon)

UPDATE 2-Patriot Risk cuts IPO, CapitalSource REIT cancels