Telegram has started preparations for its initial public offering (IPO), which could take place by the end of 2023, Russian publication Vedomosti has reported citing a source close to the company.
According to it, Telegram is conducting pre-IPO tests and choosing the region and markets in which it will launch its shares. The company is considering the US NASDAQ and the Hong Kong Stock Exchange, as more than 40% of the messaging service's users are in Asia, and in two years this figure could reach 50%.
One of the sources has said Telegram founder Pavel Durov "has not yet decided how the company will go public." According to it, in addition to a standard IPO, the company is exploring the possibility of listing directly and accessing the stock market without going through a merger with a company or SPAC.
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During the placement, Telegram could reach a valuation of $30-50B. Consultants suggest linking the score to the monthly number of users, with each user getting an estimated $50. In January, Telegram's user count surpassed 500 million monthly users. By the time the company goes public, the messaging service "will likely have between 800 million and 1 billion users," the source has said.
Up to 25% of Telegram's shares could be released as free float, the lowest estimate is 10%, the source says.
In March it was reported that Telegram had raised more than $1B through a bond offering.
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