(Bloomberg) -- Ryan Specialty Group Holdings Inc., the insurance company led by Aon Corp. founder Patrick G. Ryan, rose as much as 19% in its trading debut after raising $1.34 billion in an initial public offering.
Shares of the Chicago-based company opened in New York at $25.60 Thursday after selling for $23.50 in the IPO. They were trading at $28 at 1:41 p.m., giving the company a market value of $7.15 billion.
Ryan Specialty Group sold almost 57 million shares Wednesday after marketing them for $22 to $25 in what is set to be the largest of 29 IPOs on U.S. exchanges this week. Those companies are seeking to raise more than $6.6 billion combined, according to data compiled by Bloomberg.
Among five other companies making their U.S. trading debuts Thursday, online education company Instructure Holdings Inc. rose as much as 19% after raising $250 million in its IPO.
Ryan Specialty Group provides insurance products to brokers, agents and carriers, including underwriting and administration services.
Ryan, who started his namesake company in 2010, served as Aon’s chairman and chief executive officer for 41 years, according to the firm’s website. A graduate of Northwestern University, he has been a member of the school’s board of trustees for 42 years and also served as chairman of Chicago’s 2016 Olympic bid committee.
Ryan, who is chairman and CEO of Ryan Specialty Group, will control 67% of the shareholder voting power in the company after the listing, according to the company’s filings.
For the first three months of the year, the company had pro forma net income of $4.7 million on revenue of $311 million, the filings show.
The offering is being led by JPMorgan Chase & Co., Barclays Plc, Goldman Sachs Group Inc. and Wells Fargo & Co. The company’s shares are trading on the New York Stock Exchange under the symbol RYAN.
©2021 Bloomberg L.P.