Insurance brokerage Ryan Specialty rises 9% in NYSE debut, valued at $6.5 billion

22 Jul 2021

Insurance brokerage Ryan Specialty rises 9% in NYSE debut, valued at $6.5 billion

. Members of a tour group look at the front facade of the New York Stock Exchange (NYSE) in New York City, U.S., June 21, 2021. /Brendan McDermid -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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