MOSCOW, Oct 21 (Reuters) - Russian entrepreneur OlegTinkov's consumer credit provider TCS is aiming to raise around$1.1 billion in its London flotation - higher than the $870million previously expected, a financial market source said onMonday.
TCS Holding Group, owner of Tinkoff Credit Systems, hasrivalled state-controlled banks and grabbed market share in thehigh-margin business of consumer credit. The company focuses onRussia's regions where it delivers credit cards by courier.
The increased size of the offering is coming from existingshareholders selling more than previously planned, the sourcesaid. Existing shareholders who plan to reduce their stakes areOleg Tinkov and his private-equity backers - Vostok Nafta,Goldman Sachs, Baring Vostok and Ukraine's HorizonCapital.
The offer will still include the planned sale of new shares,raising $175 million for the company, the source said.
When including an over-allotment amount, the total IPO sizecould be $1.25 billion, the source added.
TCS previously said it had set a price range for theoffering at $14 to $17.50 per global depositary receipt (GDR).
- Tinkoff Credit Systems