PRIME. TCS Group Holding Plc, of which Tinkoff Credit Systems Bank is part, increased the scheduled volume of the initial public offering from $870 mln to $1.08 bln, Bloomberg wired quoting the company.
Previously the bank planned to net up to $870 mln in an IPO (excluding the 15% option for oversubscription).
According to a press release, the option for oversubscription will amount up to $163 mln, while the aggregate IPO volume is scheduled at up to $1.25 bln. The free float is expected to equal 27—33%.
The GDR order book was opened on October 14 with a price target of $14—17.50 per receipt. During the first day of order collection the order book was covered nearly in full. The order book is expected for closing on October 21.
Sources said that the bank itself would net $175 mln, with the rest going to Oleg Tinkoff who owns 61% of the bank’s shares, and other shareholders (Goldman Sachs Group, Baring Vostok, Vostok Nafta, Horizon Capital и Altruco Trustees Limited). The bank’s IPO arrangers are Sberbank CIB, Goldman Sachs, Morgan Stanley, J. P. Morgan and Renaissance Capital, with Pareto Securities AB acting as an agent.
