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Russia's Tinkoff Credit IPO to raise more than $1 bln -source

MOSCOW, Oct 21 (Reuters) - Russian entrepreneur Oleg Tinkov's credit card business TCS is aiming to offer around $1.1 billion in an upcoming London flotation - higher than the $870 million previously expected, a financial market source said.

The increased size is coming from existing shareholders selling more than previously planned, the source said. Existing shareholders who plan to reduce their stakes are Oleg Tinkov and his private-equity backers - Vostok Nafta, Goldman Sachs, Baring Vostok and Ukraine's Horizon Capital.

The offer will still include the planned sale of new shares, raising $175 million for the company, the source said.