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UPDATE 1-Insurance brokerage Ryan Specialty rises 9% in NYSE debut, valued at $6.5 bln

·1 min read

(Adds IPO details, background)

July 22 (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.)