Russia-based credit card company Tinkoff Credit Systems (TCS), backed by Russia and CIS-focused private equity firm Baring Vostok, has raised US$1.1 billion in an oversubscribed London initial public offering. The final pricing gave the company a valuation of US$3.2 billion. As part of its IPO, TCS raised US$175 million of new capital, while existing shareholders, including Russian entrepreneur and founder Oleg Tinkov, Goldman Sachs, and funds Baring Vostok, Vostok Nafta and Horizon Capital, have sold US$912 million worth of existing shares. After the deal, Tinkov will hold 50.9 percent of the company, Goldman 4.5 percent, Vostok Nafta 4.8 percent, Baring Vostok 2.9 percent and Horizon 1.4 percent.