MOSCOW – Russia’s Renaissance Insurance Group will reduce the size of its IPO to $250 million from an initial $290 million, two sources told Reuters on Wednesday, selling only new shares plus an over-allotment option.
The group has covered its IPO book at the lower end of the indicative price range, which had been set 120 to 135 roubles ($1.69-1.90) per share, a financial market source and a person familiar with the company’s plans said.
The group said last month that it planned to list its shares on the Moscow Exchange and raise up to $290 million.
It then said the offering size was expected to total up to 25.2 billion roubles ($355 million) when setting the indicative price range this month.
Pricing at the lower end of the range would imply a market capitalisation of around 67.2 billion roubles, 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 Olga Popova; writing by Alexander Marrow; editing by Katya Golubkova and Jason Neely)
Topics Russia
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