MOSCOW, Oct 21 (Reuters) - Russian entrepreneur Oleg Tinkov's consumer credit provider TCS is aiming to raise around $1.1 billion in its London flotation - higher than the $870 million previously expected, a financial market source said on Monday.
TCS Holding Group, owner of Tinkoff Credit Systems, has rivalled state-controlled banks and grabbed market share in the high-margin business of consumer credit. The company focuses on Russia's regions where it delivers credit cards by courier.
The increased size of the offering 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.
When including an over-allotment amount, the total IPO size could be $1.25 billion, the source added.
TCS previously said it had set a price range for the offering at $14 to $17.50 per global depositary receipt (GDR).