Ryan Specialty
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The broker said it was possible that certain personal details were accessed during the hack. -
The intermediary’s shares closed trading on Monday at $29.16, a 24% increase from their initial offer price.
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The founding CEO said that succession plans were in place and pointed to president Tim Turner as his natural successor.
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The wholesale broker’s shares were up by about 8% on the day in the early afternoon, changing hands at $27.81 a share.
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The listing price is in the middle of the $22-$25 price range the wholesaler previously said it was targeting.
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The entrepreneur could receive upwards of $500mn of cash proceeds by selling down some of his stake.
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The IPO is imminent now that pricing has been announced in deal that will value the Pat Ryan-led business at up to $5.6bn.
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Sellers look set to harvest all-time-high multiples, but buyers should not mistake these businesses for retail brokers.
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The stellar growth numbers presage a challenging exercise in managing investor expectations going forward amidst easing tailwinds.
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The Pat Ryan-run wholesale broker said it grew organically by 20% and had $1bn in revenues in 2020.
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But it will get harder as rates soften, the tidal flow reverses and the company has to navigate a CEO succession.
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The wholesaler could have an enterprise value of upwards of $7bn when it goes public.
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