Kirkland & Ellis counseled on three of the top five IPOs announced the week of July 19: Ryan Specialty Group’s $1.6 billion Up-C IPO, Paycor HCM’s $425 million IPO, and Instructure Holdings Inc.’s $250 million IPO. This was the most active week for IPO pricings in the last 15 years. Kirkland advised Ryan Specialty, a provider of specialty products for insurance brokers, agents and carriers, on its Up-C IPO, the first-ever IPO for a pure-play insurance wholesale broker. The IPO priced at the midpoint of the estimated offering price range at $23.50 per share. Ryan Specialty’s Class A common stock began trading on the New York Stock Exchange under the symbol “RYAN” on July 22, 2021. Read the Ryan Specialty press release The Kirkland team was led by capital markets partners Bob Hayward, Bob Goedert and Craig Garvey and associates Cot Eversole, Hannah Kropp, Katie White and Kate Vandenberg; corporate partners Keith Crow and Jeff Fine and associate Tala Esmaili; tax partners Sara Zablotney and Adam Kool and associate Grant Newman; executive compensation partners Scott Price and Stephanie Jeane and associates Karsten Busby and Chelsea Bedotto; and debt finance partner Louis Hernandez and associate Emily Hogan. Kirkland advised Apax Partners and its portfolio company, human capital management software provider Paycor, in connection with its IPO.  The IPO priced $2 above the initial filing range, valuing the company at over $4 billion.  This is the second IPO Kirkland has led for Apax Partners in 2021, following the successful IPO of Innovage in March.  Paycor’s common stock began trading on Nasdaq under the symbol “PYCR” on July 21, 2021. Read the Paycor press release The Kirkland team was led by capital markets partners Bob Hayward, Bob Goedert and Kevin Frank and associates Cot Eversole, Anna LeGrett, Sam Paullin and Kate Vandenberg; debt finance partner Andrew Idrizovic and associates Marc Weinstein, Stephanie Wald and Bridget Hahn; executive compensation partner Scott Price and associates Frances Tompson and Jordan Hartman; and tax partner Sara Zablotney. The crossover round was led by corporate partners Leo Greenberg, Will Boothby and Lukas Richards and associate Mo Green. Kirkland represented Instructure, a Thoma Bravo portfolio company and leading education technology company, on its IPO.  The offering priced at the midpoint of the estimated offering price range at $20 per share. Instructure’s common stock began trading on the New York Stock Exchange under the symbol “INST” on July 22, 2021. Read the Instructure press release The Kirkland team was led by capital markets partners Brad Reed and Michael Keeley and associates Cot Eversole, Sarah Bartlett, Maria-Fay Karras, Johnny Ellis and Nick Pappas; with assistance from corporate partner Peter Stach; executive compensation partner Michael Falk and associate Julia Lee; and tax partner Kevin Coenen.