Ryan Specialty moves ahead with IPO of 57m shares

US-based  Ryan Specialty Group has filed for its  planned initial public offering (IPO), which would generate net proceeds of up to $1.42 billion.

Ryan Specialty is offering 56,918,278 shares of its Class A common stock pursuant to a registration statement on Form S-1 filed with the Securities and Exchange Commission (SEC).

The IPO price is expected to be between $22.00 and $25.00 per share. Ryan Specialty intends to grant the underwriters the right to purchase up to an additional 8,537,742 shares of its Class A common stock.

The company said it intends to use the net proceeds received from this offering to acquire newly issued LLC units of Ryan Specialty Group; and the equity of an entity through which an affiliate of Onex Corporation holds its preferred unit interest in Ryan Specialty Group.

It also seeks to acquire 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.

Upon completion of the proposed initial public offering, the Patrick Ryan-led group will be the sole managing member of Ryan Specialty Group and will exclusively operate and control all of its business and affairs.

The company has applied to list its Class A common stock on the New York Stock Exchange under the symbol 'RYAN'.

JP Morgan, Barclays, Goldman Sachs & Co. 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 proposed offering.

Dowling & Partners Securities, Nomura, Capital One Securities, CIBC Capital Markets, Loop Capital Markets, PNC Capital Markets, Ramirez & Co., and Siebert Williams Shank are acting as co-managers for the proposed offering.

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