Renaissance Insurance Group JSC has set an offering price of 120 Russian rubles per ordinary share for its IPO, which is at the low end of its proposed price range.

Up to 162 million shares will be sold in the offering, including 147,272,727 new shares raising 17.7 billion rubles in gross proceeds and up to 14,727,273 existing ordinary shares that may be sold under the overallotment option, representing up to 29.1% of Renaissance Insurance's share capital following the offering.

The proceeds will be used to finance the company's organic growth and digital investments, as well as potential M&A. Based on the offering price, Renaissance Insurance's market capitalization will be 66.8 billion rubles on a post-money basis.

Certain Renaissance Insurance shareholders have granted Renaissance Capital as stabilizing manager a call option to require such option shareholders to sell shares in the amount of up to 10% of the total in the offering. The overallotment option is exercisable for up to 30 days from Oct. 21.

The shares are scheduled to start trading on Moscow Exchange under the symbol RENI on Oct. 21. The company and its shareholders have agreed to customary 180-day lock-up arrangements.

Credit Suisse, J.P. Morgan and VTB Capital are acting as joint global coordinators and joint bookrunners. BCS Global Markets is acting as the senior bookrunner, while Renaissance Capital, Sberbank, Tinkoff, Sova Capital and ATON are acting as joint bookrunners.

As of Oct. 20, US$1 was equivalent to 70.89 Russian rubles.