Shares of Chicago-based Ryan Specialty Group closed Thursday at $27.50, giving it a market value of about $7 billion. The company sold almost 57 million shares for $23.50 each Wednesday after marketing them for $22 to $25.
Ryan, who is chairman and CEO of Ryan Specialty Group, will control 67% of the shareholder voting power in the company after the listing, according to the company’s filings with the U.S. Securities and Exchange Commission. He and his family will own most of the Class B shares, which carry 10 votes each compared with one each for the Class A shares sold in the IPO, according to the filings.
The listing is set to be the largest of 29 IPOs on U.S. exchanges this week. Those companies are seeking to raise more than $6.6 billion combined, according to data compiled by Bloomberg.
Ryan Specialty Group provides insurance products to brokers, agents and carriers, including underwriting and administration services.
Ryan, who started his namesake company in 2010, served as Aon’s chairman and chief executive officer for 41 years, according to the firm’s website. A graduate of Northwestern University, he has been a member of the school’s board of trustees for 42 years and also served as chairman of Chicago’s 2016 Olympic bid committee.
For the first three months of the year, the company had pro forma net income of $4.7 million on revenue of $311 million, the filings show.