UK markets open in 4 hours 44 minutes
  • NIKKEI 225

    28,818.53
    -42.09 (-0.15%)
     
  • HANG SENG

    24,290.32
    +293.45 (+1.22%)
     
  • CRUDE OIL

    73.12
    +0.76 (+1.05%)
     
  • GOLD FUTURES

    1,783.60
    -1.90 (-0.11%)
     
  • DOW

    35,754.75
    +35.32 (+0.10%)
     
  • BTC-GBP

    37,655.49
    -768.77 (-2.00%)
     
  • CMC Crypto 200

    1,302.82
    -2.30 (-0.18%)
     
  • ^IXIC

    15,786.99
    +100.07 (+0.64%)
     
  • ^FTAS

    4,177.65
    -1.11 (-0.03%)
     

Renaissance Insurance offers shares at 120 roubles/piece in Moscow IPO

·1-min read

MOSCOW (Reuters) - Russia's Renaissance Insurance Group said on Wednesday it was offering shares in a Moscow initial public offering (IPO) at 120 roubles ($1.69) per one ordinary share, raising $250 million, below its initial targets.

Sources have told Reuters Renaissance Insurance Group would reduce the size of its IPO to $250 million from an initial $290 million, selling only new shares plus an over-allotment option.

"Up to 162,000,000 Ordinary Shares will be sold in the Offering, including 147,272,727 new Ordinary Shares raising 17.7 billion roubles (around $250 million) in gross proceeds and up to 14,727,273 existing Ordinary Shares that may be sold under the over-allotment option," the company said in a statement.

The group has covered its IPO book at the lower end of the indicative price range, which had been initially set at 120 to 135 roubles ($1.69-1.90) per share.

"The proceeds from the newly issued Ordinary Shares will be used to finance the Company's organic growth and digital investments, as well as potential value-accretive M&A," said the statement issued late on Wednesday.

The company's market capitalisation will be at 66.8 billion on a post-money basis, it said.

Wednesday's pricing brought the company's capitalisation broadly in line with the initial plan that a person familiar with the matter shared with Reuters in September.

Renaissance Insurance Group is one of a number of Russian companies that have decided to list shares as Russia's IPO activity has picked up pace recently after being hit by the pandemic last year.

($1 = 71.0350 roubles)

(Reporting by Andrey Ostroukh and Olga Popova; writing by Alexander Marrow and Andrey Ostroukh; Editing by Richard Chang)

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting