Russian insurance Renaissance to cut IPO size to $250m: sources


MOSCOW – Russian insurance group Renaissance will cut the size of its initial public offering to $250 million from $290 million initially, two sources told Reuters on Wednesday, selling only new shares plus an over-allotment option.

The group hedged its IPO book at the lower end of the indicative price range, which had been set at 120-135 rubles ($1.69-1.90) per share, a source from the newspaper said. financial market and someone familiar with the company’s plans.

The group said last month that it plans to list its shares on the Moscow Stock Exchange and raise up to $290 million.

He then said that the size of the offer should reach 25.2 billion rubles ($355 million) when setting the indicative price range this month.

Pricing at the lower end of the range would imply a market capitalization of around 67.2 billion rubles, in line with the initial plan that a person familiar with the matter shared with Reuters in September.

Renaissance Insurance Group is one of several Russian companies that have moved to list shares as Russia’s IPO activity has accelerated recently after being hit by the pandemic last year.

($1 = 71.0350 rubles) (Reporting by Olga Popova; writing by Alexander Marrow; editing by Katya Golubkova and Jason Neely)

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