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.
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It remains to be seen whether Nifty will be able to break the 8,100 mark during October. With major events out of the way, the next trigger will be the Q2 FY16 earnings season which is expected to kick off next week. It is advisable for the investors to continue building their equity portfolio by utilising market volatility as an opportunity, writes Ambareesh Baliga. Full Article