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PUBLIC JOINT-STOCK COMPANY MOSCOW EXCHANGE MICEX-RTS

(MOEX)
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Public Joint Stock Moscow Exchange MICEX RTS : Renaissance Insurance eyes $290 million IPO on Moscow Exchange

09/27/2021 | 07:24am EDT

MOSCOW (Reuters) - Renaissance Insurance Group said on Monday it plans to list its shares on the Moscow Exchange and raise up to $290 million in an initial public offering (IPO), riding Russia's emerging IPO wave.

Russian IPO activity, hit by the COVID-19 pandemic last year, is picking up pace as the economy improves and concerns over fresh Western sanctions fade. The Moscow Exchange expects to hold 10 share listings by the end of the year.

Renaissance Insurance plans to raise up to 21 billion roubles ($289 million) in an IPO that would make it Russia's first listed insurance company, it said in an intention to float statement.

Other Russian companies including real estate database CIAN, car sharing firm Delimobil, IT company Softline, food retailer Vkusvill and the Saint Petersburg Exchange are also preparing IPOs, sources have said.

Russian companies are optimistic, a Russian investment banker said, even though some funds point to the risk of a downside correction in equity prices as U.S. and Russian stock indexes are close to record highs.

Renaissance Insurance, among the 10 largest insurers in Russia, said it is also planning a secondary offering of existing ordinary shares by some shareholders.

The company intends to pay out at least 50% of consolidated net profit in dividends, it said, after posting a nearly 15% rise in net profit to 4.7 billion roubles in 2020.

The statement confirmed an earlier Reuters report that Renaissance Insurance, founded in 1997 and run by Boris Jordan, was considering listing in Moscow this autumn.

The IPO proceeds will be used to accelerate organic growth, investments in digital initiatives, potential acquisitions and the possible repurchase of the listed shares, the company said.

Renaissance Insurance says it relies heavily on digital technologies, such as artificial intelligence (AI), which are set to help expand its presence in Russia.

The company did not provide the exact timing for the IPO or give details of possible acquisition targets.

The IPO also marks a milestone for online bank Tinkoff, which will act as an IPO organiser for the first time as it strives to grow its equity capital markets business.

Other joint bookrunners include BCS Global Markets, Renaissance Capital and Sberbank, while Credit Suisse, J.P. Morgan and VTB Capital are also acting as joint global coordinators.

($1 = 72.5975 roubles)

(Reporting by Andrey Ostroukh, additional reporting by Olga Popova, Katya Golubkova, Alexander Marrow and Maxim Rodionov; Editing by Louise Heavens and Mark Potter)

By Andrey Ostroukh


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
PJSC SBERBANK 0.54% 372.03 End-of-day quote.37.23%
PUBLIC JOINT-STOCK COMPANY MOSCOW EXCHANGE MICEX-RTS -0.61% 174.02 End-of-day quote.9.06%
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Financials
Sales 2021 51 407 M 736 M 736 M
Net income 2021 27 032 M 387 M 387 M
Net cash 2021 122 B 1 739 M 1 739 M
P/E ratio 2021 14,6x
Yield 2021 6,01%
Capitalization 393 B 5 641 M 5 619 M
EV / Sales 2021 5,27x
EV / Sales 2022 4,69x
Nbr of Employees 2 045
Free-Float 77,4%
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Number of Analysts 11
Last Close Price 174,02 RUB
Average target price 190,27 RUB
Spread / Average Target 9,34%
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Managers and Directors
Yuriy Olegovich Denisov Chief Executive Officer
Maxim Vyacheslavovich Lapin Chief Financial Officer
Oleg Vyacheslavovich Viyugin Chairman-Supervisory Board
Andrey Anatolyevich Burilov Chief Information Officer
Dmitry Viktorovich Shcheglov COO & Executive Director-Operations