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Telematic Interactive Bulgaria to launch Sofia IPO on February 14

SOFIA (Bulgaria), February 3 (SeeNews) – Online betting and gaming company Telematic Interactive Bulgaria will launch an initial public offering (IPO) of 20 million leva ($11.5 million/10.2 million euros) on the Bulgarian Stock Exchange on February 14, said Telematic VoirActualités.

Telematic intends to raise its capital by 10% by offering investors 400,000 new shares, the company told SeeNews in an emailed statement on Wednesday.

The price range of the IPO is fixed between 50 levs and 75 levs per share.

The registered capital of Telematic currently amounts to 4.0 million levs, divided into the same number of shares, according to data from the Commercial Register.

If investor interest is high, the gaming company’s majority owner, Eldorado Corporations, will also offer up to 400,000 existing shares in the IPO to secure higher liquidity. If all offered shares are subscribed, 18.2% of the company’s capital will be in free float with a market capitalization of more than 40 million levs, the statement said.

Funds raised from the IPO will help the company expand into new markets as preparations to enter the Peruvian market are underway, Telematic said.

The company expects to post a net profit of 20 million levs for 2021, on revenue of around 78 million levs, he said.

Telematic Interactive Bulgaria provides 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 in Bulgaria, while in the B2B segment is served by Telematic’s subsidiary CT Interactive which provides gaming content to international contracting parties.

Sofia-based Telematic Interactive Bulgaria was founded in 2014. It is 100% owned by entertainment company Eldorado Corporation, according to commercial register data.

(1 euro = 1.95583 levs)

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