Russian online insurer Renaissance Insurance has announced the price range for its $289m initial public offering (IPO) on Moscow Exchange (MOEX).

Renaissance Insurance, which seeks a valuation of nearly $1bn, has set $1.67 (RUB120) to $1.81 (RUB130) as the price range for the offering, Bloomberg has reported.

It is also planning a secondary offering of existing shares by shareholders, which could raise as much as $150m.

Selling shareholders include Sputnik Group and partners that own a 53% stake in the insurer, which was established in 1997.

Billionaire Roman Abramovich and some of his partners own about 29% stake in the company.

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

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

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

Recently, 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.