Russia’s Renaissance Insurance has announced plans to raise $289m (RUB21bn) through an initial public offering (IPO) on Moscow Exchange (MOEX).

As per several media reports, Renaissance Insurance plans to raise $289m through the issue of new shares and seeks a valuation of nearly $1bn.

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Additionally, it is planning a secondary offering of existing shares by shareholders.

The insurer did not reveal the amount to be raised through the secondary offering.

Earlier, Bloomberg had reported that the secondary offering could raise as much as $150m.

Established in 1997, the insurer plans to use the proceeds to fund organic growth, invest in digital technology, acquisitions and share repurchase.

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Credit Suisse, JP Morgan and VTB Capital have been selected by the insurer as joint global coordinators and joint book-runners.

Other joint book-runners include BCS Global Markets, Renaissance Capital, Sberbank and Tinkoff.

Sputnik Group and partners own a 53% stake in the insurer. Billionaire Roman Abramovich and some of his partners own about 29% stake in the company.

Its other shareholders include Baring Vostok investment funds.

Last week, reports emerged that Renaissance Insurance plans to acquire traditional insurance companies and invest in its telemedicine unit Budu.

“We have realised we can consolidate mainline traditional insurers onto our infrastructure,” the chairman of the board Boris Jordan was quoted by Bloomberg as saying.

“The adoption of online services, particularly in the financial services sector, is starting to grow, but it is still in its infancy”, he added.