Since Telegram obviously finds it easy to find institutional investors for their ICO, it does not look like there will be a public sale in which private investors can participate in the ICO. There is now an institutional investor who resells his acquired tokens at a significant additional charge.
Telegram, the company behind the popular messenger, wants to take over 2 billion US dollars with its ICO. Initially, it was planned to collect 700 million in a private pre-sale from institutional investors and then the rest in a public sale. Usually, there are once again clear discounts on the token price in a private pre-sale compared to the public sale.
The private sale with the institutional investors, however, is currently running so well that it has been extended once again, even though it has already collected significantly more than the targeted US $ 700 million. Since the private sale works so well, there is a high likelihood that there will no longer be a public sale in which private investors can participate. For Telegram, it would be better if there were no more public sale, because the legal situation is much clearer if only institutional investors participate in the ICO.
However, as the demand for the telegram tokens, also called Gram, is very high, there have been many scams in the past where investors allegedly could participate in the ICO. No scam, but actually a variant to participate in the Telegram ICO, now offers an Estonian company called Digital Asset Management. The company has acquired 500,000 gram tokens as an institutional investor. This sells it now with a 50% (!) Surcharge to private investors. However, since the gram tokens will only be issued by Telegram in the 4th quarter of 2018, investors will initially receive XGE (Exchange Gram Equivalent) tokens from Digital Asset Management. These will then be swapped by the company for gram tokens as they become available (Q4 / 2018).
So far, however, the Digital Asset Management business does not seem to be working properly yet. Because of the available 500,000 tokens only slightly more than 3,000 were sold. The question is also whether this will ever pay off for investors if they already pay a 50% additional charge at the beginning.