Telegram could hold an IPO within two years. The company can p | Telegram Info English

Telegram could hold an IPO within two years. The company can put on the market 10-25% of shares and expects an estimate of $ 30-50 billion

Telegram has begun preparations for an IPO, the likely timing of it is 2023, a source close to the company told Vedomosti.

This information was confirmed by two other interlocutors of Vedomosti, one of whom is close to the auditor preparing Telegram for placement, the other to the investment bank, familiar with Telegram's plans. The messenger began pre-IPO diagnostics and is now choosing the region and the exchanges on which it plans to conduct the placement, the first says. In addition to the IPO, it is considering two more options: direct listing and using a SPAC company to enter the stock exchange, although Telegram, according to Vedomosti's interlocutor, "has already outgrown this mechanism."

The most attractive scenario for Telegram shareholders is a direct listing, for example, on the New York NYSE, as the corporate messenger Slack did, says Petr Pokhvalin, managing partner of the VDI Group consulting company. This is the fastest way to get liquidity without the restrictions and costs associated with organizing an IPO, he said.

During the initial placement, Telegram can be estimated at $ 30-50 billion. The consultants propose to link the company's valuation to the monthly number of active Telegram users and proceed from the estimate of one active user at $ 50. "By the time of placement on the horizon of two years, the messenger will probably gain 0.8-1 billion users," predicts the source of Vedomosti.

Up to 25% of Telegram shares can be released for free circulation. A source close to the investment bank claims that the lower estimate for the messenger's free float is 10%. “At the same time, Durov is scrupulous about control over the platform, the maximum that can be offered to investors is a blocking stake,” he says.