Renaissance Insurance Group PJSC, a Russian
diversified independent insurance company, today announces the final offering
price for its initial public offering and listing of ordinary shares on the
Moscow Exchange. The Offering Price has been set at RUB 120 per Ordinary Share,
implying a market capitalisation of RUB 66.8 billion (USD 942 million) on a post-money
basis.
The Offering consists of an offering of
147.3 million new Ordinary Shares and 14.7 million existing shares that may be
sold under the over-allotment option, representing up to 29.1% of Renaissance
Insurance’s share capital following the sale of the offering Ordinary Shares in
the Offering. Based on the Offering Price, gross proceeds to the Company will
be RUB 17.7 billion.
Latham & Watkins represents Renaissance
Insurance in the transaction with a team led by Moscow partners David Stewart
and Olga Ponomarenko, with counsel Denis Ivanov and associate Nina Malkova.