Toncoin (TON) has surged to a new all-time high amidst speculation surrounding the potential for an initial public offering (IPO) by Telegram’s founder.
As reported by CoinMarketCap, the price of Toncoin briefly surpassed the $7 threshold, setting a new record. With Toncoin’s market cap surpassing that of Cardano (ADA), it now holds the position of the ninth largest coin in the market, ranking above Cardano and Avalanche.
Although the current trading price experienced a slight dip of 0.3% over the past 24 hours, settling at $6.8, its daily trading volume surged by 20%, indicating significant popularity among investors.
Plans for Public Offering by Pavel Durov
In a recent Financial Times article published in March, Telegram’s founder Pavel Durov expressed his inclination towards pursuing an IPO rather than opting for a private sale. Durov revealed his optimism about Telegram’s profitability in an interview with FT.
“We are hopeful to achieve profitability next year, if not this year,” Durov stated. As the sole owner of the company, Durov disclosed that Telegram currently boasts 900 million monthly active users and generates “hundreds of millions of dollars” in revenue.
Furthermore, Durov shared that Telegram has received valuation offers exceeding $30 billion from potential investors, including prominent global tech funds. Despite these lucrative offers, he has opted against selling the platform to maintain its independence.
“Our primary motivation for monetization was to ensure our independence,” Durov explained, adding, “In general, we see value in [an IPO] as a means to democratize access to Telegram’s value.”
Potential IPO in the US?
Additionally, FT reported insights from two sources familiar with Telegram’s strategic plans, suggesting that the company is likely to pursue a listing in the United States once it achieves profitability and favorable market conditions prevail.
While Pavel Durov did not specify a timeline or potential listing venue, he indicated that Telegram has explored various options for its IPO.
Moreover, Durov hinted at the possibility of offering shares to dedicated Telegram users in the event of an IPO, echoing Reddit’s recent approach of allocating shares to retail investors ahead of its listing in New York.
