Ryan Specialty Group Holdings has announced that underwriters have purchased an additional 8,537,742 shares of its Class A common stock at the initial public offering (IPO) price of $23.50 per share.
The group previously announced an IPO of 56,918,278 shares of its Class A common stock.
Ryan Specialty has issued a total of 65,456,020 shares, for gross proceeds of approximately $1.54 billion before deducting underwriting discounts and commissions.
Upon completion of the initial public offering and the consummation of the underwriters’ option to purchase additional shares and the application of the proceeds therefrom as described in the final prospectus, there will be 109,903,867 shares of Class A common stock outstanding.
The company intends to use the net proceeds 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.
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.