Russian entrepreneur Oleg Tinkov’s banking business TCS Group Holding is looking to raise $750m via an IPO in London.
TCS said that it will use the “substantial majority” of the IPO proceeds to of the $150m to $200m primary potion of the offering to expand TCS Bank’s retail lending business.
The firm has hired Goldman Sachs, Morgan Stanley, Sberbank CIB, Morgan and Renaissance Capital as joint bookrunners for the IPO.
TCS Bank CEO Oliver Hughes said, “Since its launch in 2007, TCS Bank has grown into a leading credit card issuer and has developed a successful online retail deposits programme.
“Our highly experienced and entrepreneurial management team has steered the bank since the start-up stage, and has built it into a successful, rapidly growing and profitable business. An IPO will help to further strengthen TCS Bank’s capital position and enable us to develop the payments and insurance businesses.”
Hughes said that Tinkov, who currently holds a 61 per cent stake in the bank, will sell shares along with Goldman Sachs, Baring Vostok, Horizon Capital and Vostok Nafta, according to Bloomberg.
He added that none of the selling shareholders is exiting the business.
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