Renaissance Insurance will hold an IPO on the Moscow Exchange

Renaissance Insurance Group announced plans to conduct an initial public offering (IPO) with a listing on the Moscow Exchange. The company plans to raise up to RUB 21 billion. No timeframe for the IPO has been given. The offer includes an initial public offering of ordinary shares by attraction and a secondary offering of existing shares by some shareholders. In a press release from Renaissance Insurance it is said that the funds raised will be used for development and, in particular, investments in digitalization, as well as possible buyback of shares. The selling shareholders will include Sputnik Management Services Limited and its affiliated company LLC Holding Renaissance Insurance “, Notivia Ltd, Laypine Ltd, Bladeglow Limited and businessman Andrey Gorodilov. Sources” Prime “and Bloomberg reported that Renaissance Insurance could go public by the end of 2021. According to Interfax, the group will be able to raise about $ 250 million through the placement of new shares, and the shareholders will sell the existing securities for up to $ 150 million.

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