November 29 (SeeNews) - Gambling company Telematic Interactive Bulgaria has launched a procedure for an initial public offering (IPO) on the Sofia bourse, planned to take place in the first months of next year, the company said.
This will be the first time a company from the gambling industry will be listed on the Bulgarian Stock Exchange, Telematic Interactive said in a press release on Friday.
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The company's long-term goal is to strengthen its position on the domestic market and undertake international expansion, Milo Borisov, co-owner of Telematic Interactive Bulgaria, said.
Telematic Interactive Bulgaria's revenues surged 517% year-on-year in 2020. Expectations for 2021 are for a rise of 160%, the company said.
It attributed its rapid development is the synthesis between business-to-consumer (B2C) and business-to-business (B2B) services. The B2C segment is served by the Palms Bet brand under which Telematic Interactive Bulgaria operates within Bulgaria, while in the B2B segment Telematic's subsidiary CT Interactive provides game content to international contracting parties.
Sofia-based Telematic Interactive Bulgaria was founded in 2014. It is 100%-owned by entertainment company Eldorado Corporation, commercial register data showed.