NEW YORK, July 23 ― Shares of Ryan Specialty Group Holdings Inc rose 9 per cent in their New York Stock Exchange Debut yesterday, fetching a market capitalisation of US$6.5 billion (RM27.5 billion) for the insurance brokerage founded and led by industry veteran Patrick Ryan.

The stock opened at US$25.60 per share, higher than the initial public offering price of US$23.50 per share.

The company on Wednesday raised US$1.34 billion by pricing about 57 million shares at the midpoint of an earlier announced range of US$22 to US$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.

JP Morgan, Barclays, Goldman Sachs & Co and Wells Fargo Securities were the lead book-running managers. ― Reuters