Moscow Exchange launches trading in Renaissance Insurance shares
On 21 October 2021, Renaissance Insurance Group shares started trading on the Moscow Exchange under the ticker RENI.
The shares have been included in MOEX’s Level 1 quotation list, with trading and settlement in RUB.
The shares are listed only with Moscow Exchange. Renaissance Insurance will offer up to 162 million ordinary shares in its IPO, including 147.3 million new ordinary shares to raise RUB 17.7 billion in primary proceeds to the company and up to 14.7 million existing shares that may be sold under the over-allotment option. The Offering price has been set at RUB 120 per ordinary share. Following the IPO, Renaissance Insurance Group’s free float will be 29.1%.
Credit Suisse, J.P. Morgan AG and VTB Capital plc acted as joint global coordinators and joint bookrunners for the offering. BCS Global Markets, Renaissance Capital, Sberbank, Aton and Sova Capital acted as joint bookrunners.
Oleg Viyugin, Chairman of the Moscow Exchange Supervisory Board, said:
"We are delighted that Renaissance Insurance has chosen Moscow Exchange as the only venue to enter the public capital markets. This IPO – the fourth on MOEX since the beginning of the year – once again highlights our reputation as the premier capital-raising platform for Russian companies, with a total of more than RUB 200 billion raised year-to-date. Our infrastructure allows all categories of participants to successfully trade from anywhere in the world. A Moscow Exchange listing gives issuers access to a wide range of Russian and international investors, including Russian asset management companies and funds, as well as nearly 15 million retail investors. Since the beginning of the year, 6 million Russians have opened brokerage accounts on MOEX, with more than 2 million executing trades each month. We wish Renaissance Insurance every success as a public company, and look forward to following its further progress."
Boris Jordan, President and Chairman of the Board of Directors of Renaissance Insurance, said:
"Renaissance Insurance is the first company in the Russian insurance sector to go public through a fully marketed international IPO. We are delighted that we have attracted interest from a wide range of institutional and Russian retail investors. As a digital innovator in Russia's growing insurance market, Renaissance Insurance with its new status as a public company will meet the high expectations of all our new shareholders. I am delighted that a new chapter in the company’s history begins today".
Renaissance Insurance Group is Russia's leading diversified independent insurance company, with more than 20 years in the market. The high financial reliability of Renaissance Insurance has been confirmed by Expert RA agency, which assigned it a ruAA rating with a stable outlook.