Ryan Specialty Group has priced its initial public offering (IPO), totalling almost 57 million shares, between $22 and $25 per unit.
The group provides specialty products and solutions for insurance brokers, agents and carriers, including underwriting, administration and risk management services.
The launch of the group’s class A common stock offers 56,918,278 shares in accordance with a registration statement filed with the Securities and Exchange Commission.
Ryan Speciality intends to grant underwriters the right to purchase an additional 8,537,742 shares at the IPO price, with less underwriting fees and commissions.
Following completion of the IPO, Ryan Speciality will become the sole managing member of the group, holding exclusive rights to operate and control its entire business and affairs.
The group will also utilise the net proceeds to acquire newly-issued LLC units of the group, as well as the equity of an entity through which an Onex Corporation affiliate holds its preferred unit interest in Ryan Speciality.
J.P. Morgan, Barclays, Goldman Sachs and Wells Fargo Securities act as lead book-running managers, while the team of book-running managers for the proposed offering includes UBS Investment Bank and RBC Capital Markets, among others.
