Bulgaria's Boleron raises 1.6 mln euro in IPO

This is the first successful IPO on the BEAM growth market of the BSE for 2024, the bourse said in a statement.

Boleron offered some 1.18 million ordinary shares with a par value of 1 lev each at a price between 3.32 levs and 9.95 levs apiece, of which 955,051 were subscribed. The company, however, did not reach the amount of 4 million euro ($4.3 million) it sought to raise in the IPO in order to expand its operations in Bulgaria, Romania and Greece.

Until the company's capital increase is registered, rights to the subscribed shares will be traded on the BEAM market under the code BLR1.

Boleron is the 17th company to join the BEAM market since its launch in 2020, the BSE added.

Boleron, founded in 2019, is a software company that digitises and automates insurance processes, offering 30 insurance products by 11 companies.

(1 euro = 1.95583 levs)