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Telegram intends to hold IPO in 2025 — news outlet

In case IPO is canceled, investors are promised in any case that bonds will retire in 2026

MOSCOW, October 25. /TASS/. BCS broker has started offering purchases of Telegram bonds floated in 2021 in the secondary market to its clients, RBC news outlet said.

Investors will have an option of converting them into shares if the company holds the initial public offering (IPO) scheduled in 2025, RBC reported, citing a presentation posted in the Wutmu channel about TON.

Buyers will be able to convert the par value of bonds into stocks upon the Telegram’s IPO intended to be held in the second - the third quarter of 2025, according to the presentation. Conversion is planned with the discount of 10% if IPO is held by March 2024, 15% discount if it is held by March 2025, and 20% - if by March 2026. In case IPO is canceled, investors are promised in any case that bonds will retire in 2026.

The Association of Bondholders confirmed to RBC that BCS clients had received the presentation. The Association at the same time paid attention to terms of the offer to clients. The presentation indicates that the base asset (i.e. Telegram bonds with the 7% coupon) has not been purchased at the time of making the cash-settlement contract. If BCS fails to purchase the underlying asset, money will be returned to clients with the yield of 3% per annum, RBC informed.

BCS refused to comment on this report to the news outlet.

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