Ryan Specialty announces opening IPO price of $23.50 a share

Ryan Specialty Group Holdings Inc. said Wednesday its initial public offering of 56.9 million shares of common stock on the New York Stock Exchange will be priced at $23.50 per share, for gross proceeds of $1.34 billion, before underwriting discounts and commissions.

Ryan Specialty will receive net proceeds of about $1.26 billion after deducting underwriting discounts and commission and estimated expenses, it said.

RSG said in its statement that it has also granted the stock’s underwriters a 30-day option to buy an additional 8.5 million shares at the IPO price, less underwriting discounts and commissions.

The company said it was launching the IPO earlier this month, after filing a registration statement in June with the Securities and Exchange Commission.

The stock closed Thursday at $27.50, about 17% above its offer price.