Secondary offering of newly listed Renaissance insurance plans in Russia in 2022

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MOSCOW, Dec.20 (Reuters) – Russian insurance group Renaissance (RENI.MM) plans to make a secondary public offering (SPO) next year, around 12 months after its initial public offering in Moscow, reported Monday. Interfax, citing the chairman of the company and the chairman of the board. Boris Jordan.

The insurer raised $ 250 million on a Moscow Stock Exchange listing in October, setting the low end of its target range, one of several Russian companies to go public this year, a trend that is expected to continue in 2022. read more

Jordan said the company decided not to complete an over-allotment option in which up to 14,727,273 existing common shares could have been sold.

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“The secondary component was there because the banks wanted to increase sales and liquidity of stocks by including it,” Jordan told Interfax.

“As shareholders, we convinced the banks that we could go public without it and go for an SPO, given the mergers and acquisitions planned in a year, but after the re-evaluation of the company by the Marlet.”

The company also chose not to implement a green shoe option, he said.

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Reporting by Alexander Marrow; edited by Jason Neely

Our Standards: Thomson Reuters Trust Principles.

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