November 27 (SeeNews) - Bulgarian digital insurance broker Boleron is planning to list on the BEAM growth segment of the local stock exchange in early 2024 in order to raise capital for fuelling its expansion in Romania and Greece, investor Impulse I [BUL:IMP] said on Monday.
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.
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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)