Telematic Interactive Bulgaria to launch Sofia IPO on Feb 14

SOFIA (Bulgaria), February 3 (SeeNews) – Online betting and gambling company Telematic Interactive Bulgaria will launch a 20 million levs ($11.5 million/10.2 million euro) initial public offering (IPO) on the Bulgarian Stock Exchange on February 14, Telematic told SeeNews.

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

The price range in the IPO is set between 50 levs and 75 levs per share.

The registered capital of Telematic currently amounts to 4.0 million levs, distributed into the same number of shares, commercial register data showed.

If investor interest is high, the gambling company’s majority owner, local Eldorado Corporations, will also offer up to 400,000 existing shares in the IPO in order to achieve higher liquidity. If all of the offered shares are subscribed, 18.2% of the company’s capital will be in free float with market capitalisation of over 40 million levs, the statement read.

The funds raised in the IPO will help the company expand towards new markets, with preparations for entering the market in Peru now underway, Telematic said.

The company expects to post 20 million levs net profit for 2021, on revenue of about 78 million levs, it 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 within Bulgaria, while in the B2B segment is served by Telematic’s subsidiary CT Interactive which 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.

(1 euro = 1.95583 levs)