Russian billionaire and entrepreneur, Oleg Tinkov has listed Russian credit-card business Tinkoff Credit Systems on the London Stock Exchange.

The business tycoon, who shunned Chelsea FC owner to sell his venture to the British public, is expected to gain tens of millions of dollar for his stake in the issue. The issue will allow the investors to take part in the expected growth of credit market in Russia and is expected to attract investors in on the stock market.

TCS Group Holding has officially announced plans for a $750 million initial public offering in London. The company will become the first Russian entity to sell shares in the city. TCS will sell between $150 million and $200 million as depositary receipts this quarter, it said in a statement. Mr. Tinkov has a 61 per cent stake in the company.

Tinkov along with Goldman Sachs Group Inc. (GS), Baring Vostok Capital Partners, Horizon Capital and Vostok Nafta, TCS Chief Executive Officer Oliver Hughes will sell shares but none of the shareholders will exit the company.

Mr Tinkov began his career by trading lipsticks and jeans while he was at the Leningrad Mining Institute in the early 1990s. He went on to launch an electrical chain, a beer and restaurants chain as well as a ravioli business.