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

MOSCOW, Oct 14 (Reuters) - Russian entrepreneur Oleg Tinkov's credit card business TCS said it will place shares worth up to $870 million in a London flotation, valuing the company at up to $3.2 billion.

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

The offering will include the sale of new shares, raising proceeds of $175 million for the company. Existing shareholders including Oleg Tinkov and his private-equity backers will reduce their stakes.