Ryan Specialty Group Holdings (Ryan Specialty) has announced the launch of an initial public offering of its Class A common stock. Ryan Specialty is offering 56,918,278 shares of stock in the IPO at an expected price of between $22 and $25 per share.
The company intends to grant the underwriters the right to purchase up to an additional 8,537,742 shares of the stock. It has applied to list its Class A common stock on the New York Stock Exchange under the symbol “RYAN.”
Upon the completion of the IPO, Ryan Specialty will be the sole managing member of Ryan Specialty Group and will exclusively operate and control its business and affairs, the company said.
Ryan Specialty will use the net proceeds of 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.
JPMorgan, Barclays, Goldman Sachs and Wells Fargo are acting as lead book-running managers in the IPO.