Insurance brokerage Ryan Specialty rises 9% in NYSE debut, valued at $6.5 billion
Reuters
Published Jul 22, 2021 12:51PM ET
(Reuters) -Shares of Ryan Specialty Group Holdings Inc rose 9% in their New York Stock Exchange Debut on Thursday, fetching a market capitalization of $6.5 billion for the insurance brokerage founded and led by industry veteran Patrick Ryan.
The stock opened at $25.60 per share, higher than the initial public offering price of $23.50 per share.
The company on Wednesday raised $1.34 billion by pricing about 57 million shares at the midpoint of an earlier announced range of $22 to $25 each.
Ryan, who also founded Aon (NYSE:AON) Plc, started his namesake firm in 2010 to provide specialty products for insurance brokers and agents as well as underwriting and risk management services.
The Chicago-based company has so far completed 40 acquisitions, the largest of which was the deal with wholesale insurance broker All Risks in 2020.
J.P. Morgan, Barclays (LON:BARC), Goldman Sachs & Co (NYSE:GS) and Wells Fargo (NYSE:WFC) Securities were the lead book-running managers.
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Written By: Reuters
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