The Bulgarian Stock Exchange (BSE) began trading shares of IPO Growth AD, following a successful initial public offering that raised BGN 11.55 million with 10.50 million shares on July 30. The IPO was oversubscribed, indicating strong investor interest. This marks the second successful IPO on the main market of the exchange in 2025. ELANA Trading acted as the investment intermediary and advisor for the issue.
Asen Yagodin, Chairman of the Board of Directors of the Bulgarian Stock Exchange, stated: “The new initiative will give a strong boost to the capital market and provide many start-ups with a better initial push for successful IPOs on the Exchange.”
Assoc. Prof. Dr Manyu Moravenov, Chairman of the Board of Directors of IPO Growth and CEO of BSE, commented during the ceremony: “Today’s start of trading marks the logical conclusion of a long-awaited stage in the development of the capital market, coming just ahead of Bulgaria’s entry into the eurozone. Coupled with a potential increase in investment interest in the country, we expect the new company to build on its success — bringing more companies to the Exchange, a deeper market, and stronger investor confidence.”
Svetozar Abrashev, member of the Board of Directors of IPO Growth and Managing Partner at Sofia International Securities (SIS), added: “It is relatively rare that we witness the entire market uniting to create a new product, a new company. That is why we believe that IPO Growth will be a catalyst for many positive new trends in the capital market.”
IPO Growth was founded by BSE along with eight major investment intermediaries to support both initial and secondary offerings on Bulgaria’s capital market. The company can back up to 30% of an individual IPO or issue but cannot exceed 20% of its assets per project. This approach aims to balance risk while allowing for diversification and supporting various business projects.
During its IPO auction, more than 160 transactions were completed with participation from institutional and individual investors, reflecting broad support from different segments in the market.
IPO Growth is part of BSE’s broader strategy to develop Bulgaria’s capital markets by financing dynamic companies and providing investors opportunities to engage in their growth.
Photos from today’s event are available at https://shorturl.at/UHNga
