The Telegram messenger is preparing for an initial public offering (IPO), which may take place by the end of 2023. This was reported by Vedomosti with reference to a source close to the company.
According to available information, Telegram is now conducting preliminary diagnostics, choosing a region and exchanges for placement. Among the options being considered are the Nasdaq and the Hong Kong Stock Exchange. This choice is explained by the high concentration of messenger users in Asia – over 40%.
During the IPO Telegram can be estimated at $ 30-50 billion. Consultants propose to link the estimate to the monthly number of active users, estimating each of them at $ 50. According to their forecasts, by the time of placement, the audience of the messenger may reach 0.8-1 billion users.
Up to 25% of Telegram shares will be released for free circulation, sources added.
In March, the Telegram messenger raised over $ 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. Collectively, they bought bonds worth $ 150 million.
The Russian Direct Investment Fund (RDIF) acquired a minority stake in the investments of Mubadala Investment Company for about $ 2 million.
According to the information announced by the media, the bonds provide their owners with the opportunity to convert them into shares of the company with a 10% discount to the offering price in the event of an IPO in the next five years.