April 12, 2021 | AtoZ Markets – Telegram, a leading messaging service, has begun preparations for an initial public offering (IPO). Vedomosti writes about this with reference to sources close to the company.
According to an anonymous source from an unnamed investment bank, "Pavel Durov [founder of Telegram] has not yet decided how to exit correctly." According to him, Telegram is also considering the possibility of a direct listing or merger with the SPAC company.
Telegram is preparing for an IPO in 2023
While the most expected period for the launch of the IPO is 2023, sources, however, note that the exact date will depend on the dynamics of the markets. According to preliminary estimates, Telegram's possible valuation may reach $30-50 billion during the IPO.
An auditor close to Telegram said in an interview with Vedomosti that he had already started diagnostics before the IPO. Moreover, one of the sources of the publication claims that Telegram's preferred options are Nasdaq or Hong Kong stock exchange as over 40% of the users of the messaging app is based in Asia.
Telegram's plans to go public comes amid news that the company has started refunding investors after the failure of TON (Telegram Open Network). To do this, the company had to sell bonds to individual investors in the amount of $1 billion.
Recall that in 2018, Telegram raised $1.7 billion through the ICO of Gram tokens. Nevertheless, the US regulator ruled that Telegram violated securities laws by conducting an ICO of the project without proper registration.
Read also: Telegram Voluntarily Drops Lawsuit Over GRAM Trademark
After the American court took the side of the exchange regulator, Telegram refused to launch TON. The company later agreed to pay an $18.5 million fine.
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