CHICAGO–(COMMERCIAL THREAD) – Ryan Specialty Group Holdings, Inc. (Ryan Specialty) today announced the price of its initial public offering of 56,918,278 Class A common shares at the public price of $ 23.50 per share, before rebates and underwriting commissions, for gross proceeds of $ 1,337.6 million. All of the Class A common shares are offered by Ryan Specialty. In addition, Ryan Specialty has granted the underwriters a 30-day option to purchase up to 8,537,742 additional Class A common shares at the initial public offering price, less subscription rebates and commissions.
The shares are expected to begin trading on the New York Stock Exchange (NYSE) on July 22, 2021, under the symbol RYAN. The closing of the offer is scheduled for July 26, 2021, subject to the satisfaction of the usual 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 subscription rebates and commissions and estimated expenses and intends to use the net proceeds from this offering to acquire (i) the Units Newly issued LLC of Ryan Specialty Group, (ii) equity of an entity through which an affiliate of Onex Corporation (TSX: ONEX) holds its preferred interest in Ryan Specialty Group, and (iii) LLC shares outstanding Ryan Specialty Group share of certain existing LLC unitholders at a purchase price per LLC unit equal to the initial public offering price per share of the Class A common shares in connection with such offering, less the costs of taking farm and commissions.
JP Morgan, Barclays, Goldman Sachs & Co. LLC and Wells Fargo Securities act as principal bookkeepers, and UBS Investment Bank, William Blair, RBC Capital Markets, BMO Capital Markets and Keefe, Bruyette & Woods, A Stifel Company are acting as supply bookkeepers. 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 act as co-managers of the offering.
The offer is made only by means of a prospectus. Copies of the final prospectus relating to the offering may be obtained, when available, from: JP Morgan Securities LLC, c / o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, telephone: 1-866 -803-9204, or by sending an e-mail to [email protected]; Barclays Capital Inc., c / o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, phone: 1-888-603-5847, or by emailing [email protected]; Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, NY 10282, phone: 1-866-471-2526, fax: 212-902-9316, or by sending an email to prospectus- ny @ ny .email.gs.com; or Wells Fargo Securities, LLC, Attn: Equity Syndicate Department, 500 West 33rd Street, New York, New York, 10001, phone: (800) 326-5897, or by emailing [email protected]
A registration statement on Form S-1 relating to these securities has been filed with the United States Securities and Exchange Commission and came into effect on July 21, 2021. Copies of the registration statement can be viewed at the Securities and Exchange Commissions website at www.sec.gov. This press release does not constitute an offer to sell or the solicitation of an offer to buy such securities, and there will be no sale of such securities in any state or jurisdiction in which such an offer, solicitation or sale would be illegal before registration or qualification under the securities laws of any such state or jurisdiction. Any offer, solicitation or offer to buy, or sale of securities will be made in accordance with the registration requirements of the Securities Act of 1933, as amended.
About the Ryan Specialty Group
Founded by Patrick G. Ryan in 2010, Ryan Specialty Group is a 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 underwriter manager. Our mission is to provide innovative, industry-leading specialty insurance solutions for insurance brokers, agents and carriers.
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