Russian entrepreneur Oleg Tinkov’s credit card business TCS is reportedly planning to raise around $1.1bn in its upcoming London IPO.
This is higher than the previously planned $870m as existing shareholders are selling more than previously planned, said Reuters, citing a financial market source.
Tinkov and the company’s private equity shareholders Vostok Nafta, Goldman Sachs, Baring Vostok and Horizon Capital plan to reduce their interest in TCS.
The IPO will still include the sale of new shares worth $175m, said the person.
Earlier this month TCS said it would price its shares at between $14 and $17.5, valuing the business at as much as $3.2bn. The company will use most of the proceeds to expand its retail lending business.
Goldman Sachs, Morgan Stanley, Sberbank CIB, Morgan and Renaissance Capital will act as joint bookrunners for the IPO.
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