Published: October 14, 2013
Russian online bank reveals wider than anticipated price range for offering.
The company behind Tinkoff Credit Systems (TCS Bank), Russia’s largest online bank, has announced a wider than anticipated price range for its upcoming IPO.
TCS Group Holding had intended to raise US$750mn in global depository receipts (GDR) on the London Stock Exchange. But the guidance range announced in the offer prospectus, published today, puts this figure as high as US$870mn excluding an over-allotment option of up to 15%. The indicative price range has been set at US$14.00-17.50 per GDR.
The offering will comprise US$175mn of new shares in the form of GDRs as well as the sale of existing shares, also in the form of GDRs, by entities owned by founder Oleg Tinkov, Goldman Sachs Group, private-equity firms Baring Vostok and Horizon Capital, investment firm Vostok Nafta and Altruco Trustees.
The price range implies a market capitalisation of between US$2.6bn and US$3.2bn. Goldman Sachs, Morgan Stanley and Sberbank will act as joint global coordinators and joint bookrunners, JP Morgan and Renaissance Capital as joint bookrunners, and Pareto Securities as a sales agent.