Support The Moscow Times!

Now is the time to support independent reporting from Russia!

Contribute Today

Tinkoff Credit Systems Plans $750M IPO

Russian credit card supplier Tinkoff Credit Systems is aiming to raise $750 million through an initial public offering, a source close to the placement said Wednesday.

Four financial market sources had earlier said the placement was expected Thursday, though they did not provide further details.

TCS, founded and run by entrepreneur Oleg Tinkov, has been looking for outside funding to help to finance the company's growth plans.

A source close to the matter said in June that the credit card supplier had selected Goldman Sachs, JP Morgan , Morgan Stanley, Sberbank CIB and Renaissance Capital as organizers.

TCS was not immediately available for comment Wednesday.

Read more