Russia's Tinkoff Credit to offer up to $870 mln in IPO

Reuters

MOSCOW, Oct 14 (Reuters) - Russian entrepreneur OlegTinkov's credit card business TCS said it will place sharesworth up to $870 million in a London flotation, valuing thecompany at up to $3.2 billion.

TCS Holding Group, owner of Tinkoff Credit Systems, has seta price range for the offering at $14 to $17.50 per globaldepositary receipt (GDR).

The offering will include the sale of new shares, raisingproceeds of $175 million for the company. Existing shareholdersincluding Oleg Tinkov and his private-equity backers will reducetheir stakes.

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