MOSCOW May 29 Russia's Tinkoff Credit Systems (TCS), which has Wall Street bank Goldman Sachs as a backer, is talking to banks ahead of a possible initial public offering (IPO), sources said on Wednesday.
The credit card supplier, founded and run by charismatic entrepreneur Oleg Tinkov, has been looking for outside sources of funding to grow. Tinkov said in an interview last March that the company could seek funding options such as an IPO in the future.
One banking source said TCS wants to sell 20-25 percent, which could equate to around $200-$300 million. An IPO could be possible at the end of this year or the beginning of 2014, two banking sources said.
Trending On Reuters
The double-digit stock market gains of pharmaceutical giants including Dr. Reddy's Laboratories and Wockhardt stand out in stark relief to the dismal performance of other Asian emerging-market stocks this year. Full Article