The messaging app Telegram is preparing for an initial public offering (IPO), which could take place by the end of 2023. This is reported by Ведомости, citing a source close to the company.
According to the information available, Telegram is currently conducting preliminary diagnostics, selecting a region and exchanges for the offering. Among the options under consideration are Nasdaq and the Hong Kong Stock Exchange. The choice is explained by the high concentration of the messenger’s users in Asia — over 40%.
In the IPO, Telegram could be valued at $30–50 billion. Advisors propose tying the valuation to the monthly number of active users, valuing each at $50. According to their forecasts, by the time of the listing the messenger’s audience could reach 0.8–1 billion users.
Up to 25% of Telegram’s shares will be floated publicly, sources added.
Update: A source close to Telegram said that the IPO is only one of many options being explored by the company at this stage.
Some options are continually being explored; this does not mean they will be implemented. Nothing is guaranteed and nothing is ruled out,
he noted.
In March, Telegram attracted more than $1 billion through the sale of convertible bonds. Pavel Durov confirmed this information.
The largest investors were funds from the United Arab Emirates — Mubadala Investment Company and Abu Dhabi Catalyst Partners. In total they bought bonds worth $150 million.
The Russian Direct Investment Fund (RDIF) acquired a minority stake in Mubadala Investment Company’s investment totaling about $2 million.
According to the media reports, the bonds give holders the option to convert them into the company’s shares at a 10% discount to the placement price if an IPO is conducted within the next five years.
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