Russia’s online insurer Renaissance Insurance has reportedly raised $250m through its initial public offering (IPO) on the Moscow stock exchange.

The online insurer sold nearly 162 million new shares at the lower end of its price range of $1.67 (RUB120) apiece, Bloomberg has reported.

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The IPO values the insurer at around $944.4m (RUB66.8bn), which is lower than Renaissance had initially planned.

Renaissance Insurance will use the proceeds to fund organic growth, invest in digital technology, acquisitions and share repurchase.

Credit Suisse, JP Morgan and VTB Capital acted as the joint global coordinators and joint book-runners, the report added.

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

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Renaissance Insurance had also planned a secondary offering by selling shareholders, which includes a group of investors led by Jordan, Baring Vostok, Evraz billionaires Alexander Abramov and Alexander Frolov, and Andrey Gorodilov.

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

The IPO come close on the heels of Hong Kong-based FWD Group Holdings’ initial public offering (IPO) in the US hitting a roadblock.

The US authorities are concerned if the Chinese government may extend its authority to firms like FWD considering its recent crackdown on fintech firms.

FWD had planned to raise $2bn-$3bn from its IPO at a valuation of nearly $13bn-$15bn.