Bulgarian IoT company Allterco’s shares will be traded on the Frankfurt Stock Exchange from next week, as the company has been admitted to the biggest financial market in the EU.
The company intends to list a total of 17,999,999 ordinary shares with a nominal value of 1 BGN($0.62/€0.51 ) each, which represents 100% of its capital, the company said in a filing with the Bulgarian Stock Exchange (BSE) earlier this year.
“The listing there will provide investors from all over the world with easy access to the company’s shares and will guarantee significantly better prospects for raising capital for development in the medium term”, said Nikola Yankov from Expat Capital, Alterco’s share listing consultant.
Founded in 2010, Allterco develops innovative IoT solutions and products focused on two main product lines, smart GPS devices and smartwatches for children under the MyKi brand and home automation solutions from Shelly.
In June this year, Allterco JSCo reported a 74.8% growth in revenues from the sale of devices and related services for the Q2 2021 compared to the same period in 2020.
Recently, the company also announced that it plans to establish a subsidiary in Germany called Allterco Europe GmbH. Allterco also owns 100% in three companies registered outside Bulgaria, which are US-based Global Teracomm Inc., Singapore-based Allterco PTE, and Malaysia-based Allterco SND. One of its plans includes establishing a joint venture company in China.
This is a story in development. The Recursive will provide updates as we learn more.