Russian billionaire Oleg Tinkov has upped the ante ahead of the planned London listing of his credit card business, TCS.
The beer baron, who posed in his autobiography wearing nothing but skintight, neon Speedos, plans to list shares in the company worth up to $870 million (£545 million) rather than the $750 million first mooted. The deal will value the lender at about $3.2 billion.
Tinkov currently owns 61% of TCS and will keep a majority holding following the initial public offering, due to take place before Christmas. He is best known in Russia for developing a successful brewing business before branching out into financial services.
TCS has increased its share of the Russian consumer credit market due to growing demand from the middle class. Unsecured lending to Russian households grew by about 50% last year, according to reports.
