On Monday, a financial market source said the London public listing of Tinkoff Credit Systems was gearing to raise over USD1 billion. The amount was higher than the expected USD870 million that was expected earlier. Russian entrepreneur Oleg Tinkov's TCS Holding Group owned the consumer credit provider Tinkoff.
The source also added that the increase in the size of the offering had come from existing shareholders. The shareholders were reportedly selling more than they had previously planned. Some of the existing shareholders who would be selling stakes in the upcoming initial public offering would be Tinkov and TCS's private equity backers. The private equity backers were namely Goldman Sachs, Ukraine's Horizon Capital, Vostok Nafta and Baring Vostok.
The source also said the IPO would include the selling of new shares totaling USD175 million. The over-allotment would now bring the company's total IPO size to USD1.25 billion. According to TCS, its share offering would be priced around the USD14 to USD17.50 price per global depositary receipt.
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