Ryan Specialty Group Holdings has announced the pricing of its initial public offering of 56,918,278 shares of its Class A common stock.
The shares will be offered at a price of $23.50 per share, before underwriting discounts and commissions. Ryan Specialty is anticipating gross proceeds of $1,337.6 million, with all shares of Class A common stock being offered.
The company has also granted underwriters a 30-day option to purchase up to an additional 8,537,742 shares of its Class A common stock at the initial public offering price, less underwriting discounts and commissions.
Ryan Specialty’s shares are expected to begin trading on the New York Stock Exchange on July 22, 2021, under the symbol “RYAN.” The offering is expected to close on July 26, 2021 – subject to the satisfaction of customary closing conditions.
Once the IPO is completed, Ryan Specialty will be the sole managing member of Ryan Specialty Group, LLC, and will exclusively operate and control all of its business and affairs.
Read more: Ryan Specialty Group launches IPO
In a previous statement, Ryan Specialty said that it will use the net proceeds received from the IPO to acquire newly issued LLC units of RSG; the equity of an entity in which an affiliate of Onex Corporation holds its preferred unit interest in Ryan Specialty Group; and outstanding LLC units of Ryan Specialty Group from certain existing holders of LLC units at a price per unit equal to the IPO price per share of stock, less underwriting fees and commissions.
