Russian credit card firm plans London listing

 
Michael Bow
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RUSSIAN credit card supplier TCS Group yesterday became the latest overseas company to tap London’s burgeoning initial public offering (IPO) market with plans to raise up to $750m (£464m) in a float.

TCS, which owns top three Russian credit card issuer Tinkoff Credit Systems, said it will use the cash to help boost its expanding banking business, TCS Bank.

The business is owned by Russian entrepreneur Oleg Tinkov, who shot to fame with a St Petersburg beer brewing business – Tinkoff Brewery – which eventually became Russia’s biggest brewer.

TCS appointed former Visa International man Oliver Hughes as chairman in June ahead of the float and has been working with Goldman Sachs, Morgan Stanley and Sberbank on the plan.

The shares will be sold as global depositary receipts with the three banks acting as bookrunners, alongside JP Morgan and emerging market specialists Renaissance Capital.

TCS Bank chief executive Oliver Hughes said: “An IPO will help to further strengthen TCS Bank’s capital position and enable us to develop the payments and insurance businesses.” Tinkov is a high profile figure in his homeland, with his own personal website, Twitter feed and Facebook page. He has published a book on his business success and co-sponsors a cycling team.