Messaging app Telegram is close to fully repaying investors in its TON blockchain effort nearly a year after settling allegations it violated U.S. securities law in raising over $1 billion for the project. Its next step might be an initial public offering (IPO).
On Monday, Russian newspaper Vedomosti reported that Telegram is preparing to launch an IPO in 2023, aiming for a $30 million to $50 million valuation, according to a source close to the company’s team. The IPO will benefit the buyers of Telegram’s bonds, which the company sold in February to raise $1 billion.
The debt sale, in turn, came right in time for earlier Telegram investors’ pay day, as the company is closing the book on its $1.7 billion token sale three years ago. According to Russian publication The Bell, Telegram started to pay back the last investors who didn’t withdraw their investments right away in 2020.