Bulgarian digital insurance broker Boleron said on January 31 that it has scheduled its IPO on the BEAM growth market of the Bulgarian Stock Exchange (BSE) for February 15 when it will seek to raise up to BGN11.73mn (€6mn).

Boleron announced its plans for an IPO in 2024 at the end of last year and said it would use the raised funds for expansion in Romania and Greece.

The company will offer up to 1,179,323 ordinary shares with a par value of BGN1 each, priced between BGN3.32 and BGN9.95 per share, the company said in a statement on the website of the BSE.

The IPO 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 around 5.17mn, which will be admitted to trading on the BEAM market.

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

Boleron aims to enter in partnership with large telecoms in the region and is already in talks with an unnamed Romanian company with over 10mn client.

Boleron signed a partnership agreement with Bulgarian telecoms operator Vivacom in November, enabling its clients to purchase insurance policies online.

In the first nine months of 2023, Boleron’s total premium income jumped by 173% y/y to BGN3mn (€1.5mn). The company introduced this year 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.