MOSCOW, 15 March – RIA Novosti. The Telegram company placed five-year convertible bonds in the volume of one billion dollars on March 12 with a yield of seven percent per annum, a source in the financial market told RIA Novosti.
According to the interlocutor of the agency, this aroused a great deal of interest. Only qualified investors could purchase the securities. The company collected bids for bonds last week. The organizers were VTB Capital and Aton.
The securities were placed with an eye on large investors – applications in the amount of 500 thousand dollars or more were accepted. The bondholders would then be able to convert them into shares in the company in the event of an initial public offering (IPO) of Telegram at a 10% discount to the share price.
The plans of Pavel Durov's Telegram to place convertible bonds in the amount of more than one billion dollars became known in February. The company reported consistent growth of more than 40 percent annually for more than seven years in its investor briefing of its business, and also recalled that messenger became the most downloaded non-gaming mobile app in January 2021 (according to Sensor Tower).
Telegram positions itself as a platform capable of capturing a significant share of the mobile advertising market, which is estimated at $ 200-400 billion. The company named the existing volume of the messenger's advertising space at 430 billion views per month in telegram channels. Among other distinguishing qualities, the company pointed to the potential development of additional sources of non-advertising revenue and high performance at low cost per user.