Ryan Specialty falls on 9 mln share secondary offering

Ryan Specialty Holdings

23/05/2023 14:09

** Ryan Specialty Holdings Inc's  RYAN.N  shares down 2.7%
at $43.01 before the bell as insurance broker's secondary
offering prices
    ** Co announces 9 mln shares sold by stockholders, including
~8.3 mln shares offloaded by Canadian asset manager Onex
Corporation  ONEX.TO 
    ** Sources say offering priced at $43.65, 1.3% discount to
stock's last sale on Mon with Barclays as sole underwriter
    ** Per SEC filing, Onex owned ~12.5 mln Class A shares and
Timothy Turner, president and board member of Ryan Specialty,
held ~4.8 mln Class B shares
    ** With ~259.8 mln total shares outstanding, RYAN has ~$11.5
bln market cap
    ** RYAN's shares up 6.5% YTD and have rallied 38% from 1-yr
low hit last Nov

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))