The price of global depository receipts (GDR) of TKS Bank, whose main shareholder is Oleg Tinkov ( No. 151 in the ranking of the richest businessmen in Russia, worth $0.7 billion) , on Thursday dropped below the placement price and amounted to $17.04 per security.

GDR trading volumes on the London Stock Exchange almost doubled.

As of 14:30 GMT, the price of securities of TCS Group Holding Plc, which is the parent structure of TCS Bank, was $17.03, which is 5.76% lower than the close of trading on Wednesday ($18.07). The FTSE 100 index fell 0.37%.

Thus, TKS Bank's GDRs are traded in London below the company's placement price - the price of one TKS Bank global depositary receipt within the IPO was 17.5. The volume of funds raised reached $1.087 billion

As sources familiar with the placement told Forbes, the bank's IPO caused an unprecedented stir among investors. By the evening of Monday, October 21, the order book was oversubscribed 10 times. Based on the fact that the placement price is set at the upper limit of the range, the entire bank is valued at $3.2 billion. On the London Stock Exchange, trading began with receipts of TCS Group Holding Plc, the parent structure of TCS. A total of 62,111,802 GDRs were placed. Free float will be 34.3%, if banks exercise the option - 39.4%.

At the opening of trading, the price of the securities jumped to $19.44 per share, which means an increase in the capitalization of the financial institution to $3.6 billion. In subsequent days, the maximum price of the bank's GDR reached $20.

TKS Bank receipts fell below the placement price