Renaissance Insurance Group, which is backed by billionaire Roman Abramovich, has reportedly hired investment banks to coordinate its initial public offering (IPO).

The public listing on the Moscow Exchange potentially can happen as early as this autumn, Reuters reported citing undisclosed sources.

The insurer, in which Sputnik Group own a majority stake, may target a valuation of approximately $1bn, the sources revealed.

Renaissance Insurance has JPMorgan, Credit Suisse and VTB Group as global coordinators to work on the IPO.

Established in 1997, Renaissance Insurance refused declined to offer comment on the report.

However, in June this year the said it was “evaluating various strategic options which may include an initial public offering of Renaissance Insurance Group JSC on the Moscow Exchange.”

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The insurer is planning to raise nearly $250m and shareholders offering as much as a $150m, Bloomberg quoted undisclosed sources as saying.

According to Expert RA ratings agency, Renaissance companies, together, had 4.5% share in the Russian insurance market in the first quarter.

Sputnik Group and partners held 59% stake in Renaissance Insurance while a group of investors associated with Abramovich owned nearly 30% stake by the end of May this year.

Baring Vostok investment funds is also one of the investors of the company.

Several other insurtech startups such as Lemonade, Metromile, and Hippo have gone public recently.

Recently, two Indian firms, Policybazaar and Star Health also filed for initial public offering.

In May, it was reported Brazilian state bank Caixa Economica Federal is set to raise around $917m by divesting part of its stake in the IPO of the insurance holding Caixa Seguridade.