Bulgaria's Boleron plans IPO in early 2024

Boleron will seek to raise between 3 million euro ($3.3 million) and 6 million euro in an initial public offering (IPO) planned for the beginning of 2024, investment firm Impulse I said in a bourse filing.

Targeting partnerships with large telecoms in the region, Boleron is already in talks with an unnamed Romanian company with over 10 million clients. Earlier this month, Boleron forged a partnership with Bulgarian telecoms operator Vivacom enabling its clients to purchase insurance policies online.

In the first nine months of 2023, Boleron booked a 173% surge in its total premium income, to some 3 million levs ($1.7 million/1.5 million euro). During the period, the company introduced a first-of-its-kind online life insurance product with MetLife and integrated the systems of BulIns, Generali and Allianz for comprehensive motor insurance into its digital platform.

As at September 30, Impulse I held a 4.3% stake in Boleron through its ImVenture II fund, according to the filing. Impulse I injected 100,000 euro in Boleron in 2022, when the digital insurance broker raised over 2 million euro to support its international expansion.

($ = 0.9132 euro)