Tinkoff Credit Systems Bank’s Global Depositary Receipt (GDR) was valued at $17.50 during the initial public offering (IPO), the bank said in a press release posted on the London Stock Exchange’s website on Tuesday. This is the upper end of the price target that was previously set at $14.00 to $17.50.
IPO proceeds totaled $1.08 bln except for the oversubscription option of 15%. Based on the stock price the lender’s capitalization equaled $3.2 bln.
The offering included 10 mln new shares in the form of GDRs for $175 mln and 52.1 mln existing shares in the form of GDRs, held by Tinkoff Credit Systems Bank’s current shareholders (Oleg Tinkoff, The Goldman Sachs Group, Baring Vostok, Vostok Nafta, Horizon Capital and Altruco Trustees Limited).
After the IPO Oleg Tinkoff will hold 50.9% of the bank’s enlarged charter capital.
