(Bloomberg) --

Renaissance Insurance Group JSC, Russia’s largest online policy provider, published an intention to float shares in Moscow on Monday, seeking to raise as much as 21 billion rubles ($289 million) to expand its business. 

Owners of the Russian insurance group also plan to offer some shares, the company said in a statement, without elaborating on the size of that stake.

Credit Suisse Group AG, JPMorgan Chase & Co. and VTB Capital are acting as joint global coordinators and joint bookrunners, with BCS Global Markets, Renaissance Capital, Sberbank PJSC and Tinkoff Bank JSC acting as joint bookrunners, according to the statement.

Russia had the busiest first half for stock offerings this year since before the 2014 annexation of Crimea, with consumer companies dominating the pipeline. Renaissance companies had a 5.1% share of Russian insurance premiums in the first half of 2021, putting it in the top ten of local insurers, according to Expert RA ratings agency. 

The company may seek a valuation of around $1 billion, a person familiar with the plans said last week. Shareholders may offer a stake of about $150 million, several people said at the time. 

READ: Russia’s Biggest Online Insurer Eyes Deals Ahead of Planned IPO

Renaissance Insurance plans to use the proceeds “to accelerate the group’s development by financing organic growth, investments in further digital initiatives, potential value-accretive acquisitions and the possible repurchase of shares,” according to the statement.

Selling shareholders include Sputnik Management Services Ltd and its affiliate Holding Renaissance Insurance LLC, which represent a group of investors led by Boris Jordan; Baring Vostok through Notivia Ltd; companies owned by Evraz Plc billionaires Alexander Abramov and Alexander Frolov; and Andrey Gorodilov, who worked at Roman Abramovich’s oil producer Sibneft and was later deputy governor of Chukotka.

Jordan’s Sputnik Group and partners own a 59% stake, and a group of investors linked to Abramovich, including Abramov and Frolov, bought almost 30% in the company in May.

©2021 Bloomberg L.P.