Published: October 3, 2013
Russian online bank plans to raise up to US$750mn with listing.
The company behind Tinkoff Credit Systems Bank (TCS Bank), a Russian online bank, plans to launch an initial public offering on the London Stock Exchange to raise up to US$750mn.
TCS Group Holding will place global depositary receipts on the LSE during the fourth quarter, although no firm date has been set. The company will use the money raised to enhance its capital base and grow its retail-lending business.
Goldman Sachs, Morgan Stanley and Sberbank CIB are joint global co-ordinators and joint bookrunners, on the deal. JP Morgan and Renaissance Capital are joint bookrunners, while Pareto Securities is a selling agent.
TCS Bank was established in 2007 by Oleg Tinkov and as of June had a net loan portfolio of US$1.95bn and more than 3.5mn credit cards in issuance.
The IPO will be welcomed by depositary receipts bankers – as our latest report on the market highlights, many were sceptical as to how many IPOs could be expected from the EMEA region during the remainder of 2013.