Renaissance Insurance Group is planning to hold an initial public offering on the Moscow Exchange potentially as early as this autumn, a source familiar with the preparation for the listing told Reuters on Friday. The source, who asked not to be named due to the sensitivity of the issue, said Renaissance Insurance "could seek a valuation of around $1 billion" in the Moscow IPO. Renaissance Insurance could announce its intention to hold the IPO before the end of September, Interfax news agency reported, citing unnamed sources.
Russia will add two new names from the online sector to its benchmark stock market index on Friday as technology firms lead a diversification drive on the stock market, long skewed towards the dominant commodities industries. Russia has been slower to catch on to this global trend than the United States, China and other emerging markets.
Russian brokerages should primarily offer Russian stocks to retail clients to make their money work for the economy at home rather than being invested in companies abroad, Sergei Shvetsov, the central bank's first deputy chairman, said on Tuesday. "It is very important that investment houses, brokerages that offer various financial instruments offer Russian stocks foremost," Shvetsov told a stock market conference. "To my regret, a bit more is being invested into foreign stocks than in Russian stocks," Shvetsov said.