- Telegram raised $330 million through bond sales last week
- founder and CEO of telegram Pavel Durov said that the offering was oversubscribed with favorable terms to the company.
Telegram founder and CEO Pavel Durov said on his channel on Monday that the company secured $330 million in investment through bond sales last week.
Profitability
The offering was oversubscribed and the terms of the bond were favorable for the company, Durov wrote on his own Telegram channel.
“The increased demand for our bonds shows that global financial institutions value Telegram’s growth in audience and monetization,” he wrote.
In an interview with the Financial Times (FT) last week, Durov said that the company aims to be profitable next year. He also mentioned that Telegram is exploring an option to go public.
“The main reason why we started to monetize is because we wanted to remain independent. Generally speaking, we see value in an IPO as a means to democratize access to Telegram’s value,” he told FT.
Sources familiar with the deal believe that the current yield of the bonds is 7.7%. The maturity for the bonds is either 2026 or when Telegram goes public, whichever is earlier. These bonds were issued at a price of USD$91 up from USD$78 of the last issue.
This chat app, which has more than 900 million users, issued bonds worth USD$210 million last year. The Dubai-headquartered company has introduced new ways to earn revenue in the past few years, including through advertisements, username sales on the blockchain, and premium subscriptions.
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