FILE PHOTO: 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. REUTERS/Brendan McDermid
July 22, 2021
(Reuters) -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 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, Goldman Sachs & Co and Wells Fargo Securities were the lead book-running managers.
(Reporting by Niket Nishant in Bengaluru; Editing by Ramakrishnan M.)