The shares are expected to begin trading on the New York Stock Exchange ("NYSE") on July 22, 2021, under the symbol "RYAN." The offering is expected to close on July 26, 2021, subject to the satisfaction of customary closing conditions.
Upon completion of the initial public offering, Ryan Specialty will be the sole managing member of Ryan Specialty Group, LLC ("Ryan Specialty Group") and will exclusively operate and control all of its business and affairs.
Ryan Specialty will receive net proceeds of approximately $1,259.1 million after deducting underwriting discounts and commissions and estimated expenses and intends to use the net proceeds received from this offering to acquire (i) newly issued LLC units of Ryan Specialty Group, (ii) the equity of an entity through which an affiliate of Onex Corporation (TSX: ONEX) holds its preferred unit interest in Ryan Specialty Group, and (iii) outstanding LLC units of Ryan Specialty Group from certain existing holders of LLC units at a purchase price per LLC unit equal to the initial public offering price per share of Class A common stock in this offering, less underwriting fees and commissions.
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 offering. Dowling & Partners Securities LLC, Wolfe|Nomura Strategic Alliance, Capital One Securities, CIBC Capital Markets, Loop Capital Markets, PNC Capital Markets LLC, Ramirez & Co., Inc. and Siebert Williams Shank are acting as co-managers for the offering.
About Ryan Specialty Group
Founded by Patrick G. Ryan in 2010, Ryan Specialty Group is a rapidly growing service provider of specialty products and solutions for insurance brokers, agents and carriers. Ryan Specialty Group provides distribution, underwriting, product development, administration and risk management services by acting as a wholesale broker and a managing underwriter. Our mission is to provide industry-leading innovative specialty insurance solutions for insurance brokers, agents and carriers.