Insurance Firm Ryan Specialty Group Looks To Raise US$1.3 Billion In IPO
Insurance provider Ryan Specialty Group Holdings priced its initial public offering as the company starts trading today on the New York Stock Exchange under the symbol “RYAN”. The offering aims to raise US$1.3 billion.
The offering will be conducted through the issuance of 56,918,278 Class A common shares selling at US$23.50 per share.
The company granted a 30-day over-allotment option to purchase additional 8,537,742 common shares at the same IPO price, potentially bringing additional proceeds of up to US$200.6 million. J.P. Morgan, Barclays, Goldman Sachs & Co., and Wells Fargo Securities are all acting as joint bookrunners for the said offering.
Following the closing of the offering, Ryan Specialty Group will still be the sole managing member of the whole Ryan Specialty conglomerate, exclusively operating all of the member businesses.
The offering is expected to close on July 26, 2021.
Information for this briefing was found via Sedar and Ryan Specialty. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.