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Ryan Specialty Group Holdings Inc. said Monday it has launched its previously announced initial public offering of Class A stock.
The company said it is offering 56,918,278 shares of stock, with the initial offering price expected to be $22 to $25 per share, which could generate up to $1.42 billion in gross proceeds.
It said it also intends to grant underwriters the right to purchase an additional 8,537,742 shares. Ryan Specialty has applied to list its Class A common stock on the New York Stock Exchange under the symbol RYAN.
The company said it plans to use the net proceeds to acquire newly issued LLC units of Ryan Specialty Group; the equity of an entity through which an affiliate of Toronto-based Onex Corp holds a preferred unit interest in Ryan Specialty Group; and outstanding LLC units of Ryan Specialty Group from certain existing holders of LLC units.
The wholesaler said in March that it had confidentially submitted a draft registration form, S-1, to the U.S. Securities and Exchange Commission, and in June that it had filed a registration statement related to its proposed IPO.
Ryan Specialty Group LLC Tuesday said it plans to become a publicly held company.