Russian messenger app Telegram says it plans to go public in two years, with an initial valuation of somewhere between $30-50 million.
According to a report out of Russian business newspaper Vedomosti, the launch of the IPO will depend on market dynamics as well whether the company will offer a direct listing or opt for a merger with a special purpose acquisitions company (SPAC).
Telegram is reported to be in pre-IPO analysis and its chief priority is finding a good region in which to launch their offering. The source for Vedomosti indicated that either the Nasdaq or Hong Kong exchanges would be the most ideal, Hong Kong in particular as the city is home to around 40% of Telegram’s user base.
Telegram surpassed 500 million users this year, many of whom are directly involved in cryptocurrency trading and mining efforts according to aggregated data. Much of the Ripple XRP crypto tokens success seems to have originated on Telegram, where traders pumped the token up back in February.
© Fourth Estate
® — All Rights Reserved.
This material may not be published, broadcast, rewritten or redistributed.