Bulgaria's Boleron to hold IPO on Feb 15

Boleron will offer up to 1,179,323 ordinary shares with a par value of 1 lev each, priced between 3.32 levs and 9.95 levs apiece, the company said in a bourse filing.

The offering will be considered successful if at least 884,493 shares are subscribed and paid for.

If all shares are subscribed for, Boleron will increase its equity capital to some 5.17 million shares, all of which will be admitted to trading on the BEAM market.

Local brokerage firm Sofia International Securities is acting as investment intermediary on the deal.

The company plans to use the proceeds from the IPO to grow its business in Bulgaria and expand to Romania and Greece through strategic partnerships with telecommunication companies, it said earlier in an investor presentation. In November, Boleron forged a partnership with Bulgarian telecoms operator Vivacom, enabling its clients to purchase insurance policies online.

Bianor, founded in 2019, is a software company that digitises and automates insurance processes, offering 30 insurance products by 11 companies. Over 20,000 insurance policies have been issued through the platform with a total value of 6.5 million levs.

(1 euro = 1.95583 levs)