Ryan Specialty Group has launched its initial public offering of 56,918,278 shares at an expected price of between $22 and $25 per share.
Ryan Specialty intends to grant underwriters the right to purchase up to an additional 8,537,742 shares of its Class A common stock.
Ryan Specialty has applied to list its Class A common stock on the New York Stock Exchange under the symbol RYAN.
Upon completion, Ryan Specialty will be the sole managing member of Ryan Specialty Group and will exclusively operate and control all of its business and affairs.
Ryan Specialty intends to use the net proceeds received from this offering to acquire newly issued LLC units of Ryan Specialty Group, the equity of an entity through which an affiliate of Onex Corporation holds its preferred unit interest in Ryan Specialty Group.
The firm will also look to purchase outstanding LLC units of Ryan Specialty Group from certain existing holders of LLC units at a purchase price per LLC unit equal to the initial public offering price per share of Class A common stock in this offering, less underwriting fees and commissions.
J.P. Morgan, Barclays, Goldman Sachs & Co. LLC and Wells Fargo Securities are acting as lead book-running managers, and UBS Investment Bank, William Blair, RBC Capital Markets, BMO Capital Markets and Keefe, Bruyette & Woods, A Stifel Company are acting as book-running managers for the proposed offering.
