Ryan Specialty Group launches IPO, with shares to list on NYSE

Ryan Specialty Group Holdings has launched an initial public offering of its class A common stock.

Ryan Specialty is offering 56,918,278 shares of its class A common stock, with the price expected to be between $22 and $25 per share, and has applied to list the shares on the New York Stock Exchange. It intends to grant the underwriters the right to purchase up to an additional 8,537,742 shares.

Upon completion of the proposed IPO Ryan Specialty will be the sole managing member of Ryan Specialty Group, and will exclusively operate and control all of its business and affairs. It will use the proceeds to acquire newly issued and outstanding units of Ryan Specialty Group. It will also acquire the equity of an entity through which an affiliate of Onex Corporation holds its preferred unit interest in Ryan Specialty Group.

JP Morgan, Barclays, Goldman Sachs and Wells Fargo Securities are acting as lead book-running managers, while UBS Investment Bank, William Blair, RBC Capital Markets, BMO Capital Markets and Keefe, Bruyette & Woods are acting as book-running managers for the proposed offering.