TCS Group Holding Plc bared its plans to conduct an initial public offering in London for Tinkoff Credit Systems Bank. The IPO would raise USD 750 million. If the share sale pushes through, TCS would be the first Russian firm to sell shares in London this year.
In a statement, Tinkoff Credit Systems said TCS would be selling anywhere from USD 150 million to USD 200 million global depositary receipts in the IPO. TCS Chief Executive Officer Oliver Hughes said bank shareholders like Chairman Oleg Tinkov, Goldman Sachs Group, Baring Vostok Capital Partners, Horizon Capital and Vostok Nafta would be also be selling shares. However, they won't be exiting their investment in the lender. Tinkov holds a 61% stake in the bank.
Hughes said they are an online company that would allow investors to tap into consumers in Russia. "We have a very deep reach into Russia's regions, there's enormous potential for growth in Russia's regions and we, through our business model, are able to tap into that growth prospect. There's still very strong consumer demand so retail is strong," he added.
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