TCS, a credit card business firm owned by Russian entrepreneur Oleg Tinkov, would place shares to be valued up to USD870 million in a London initial public offering. The shares were more than what was originally expected. According to a report from Reuters, this would put the company's value at up to USD3.2 billion.

TCS Holding Group is the owner of Tinkoff Credit Systems. The company had been grabbing market shares in the high-margin business of consumer credit. TCS had been focusing on Russia's regions where it delivers credit cards through couriers.

Last year, the unsecured lending rate to Russian households had increased by as much as 50%. This was after the country's middle class demanded more consumer goods. A report from Reuters said banks had rushed into the market as they seek to offset a weakening demand for credit from companies.

The IPO would also include the sale of new shares. Reuters noted that the sale of the new shares would help TCS raise USD175 million.