Allterco debuts in Sofia with 15% stock price rise on first day of trading

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Allterco

Allterco

News

On 1 December Allterco started trading on the Bulgarian Stock Exchange and finished its first session with 15% rise above the IPO strike price.

Allterco raised BGN 2.18m in an IPO in Sofia in September valuing the Company at BGN 21.8m market cap.

Allterco reported strong 3Q16 results

The new player on the Bulgarian Stock Exchange published strong 3Q16 results, according to the Company’s consolidated 9M16 financial statements.

The Company posted 15% y/y rise in mobile value added services revenues to BGN 21.8m and booked BGN 1.6m in sales from new Internet of Things operations. The latter translates into 10K+ kids smart watch MyKi sold units above pre IPO expectations. Net income surged to BGN 1.7m for the 9M16 on higher margin IoT operations. The results come post the beginning of the new school year but prior to the Black Friday and Christmas trading.

Look for more on Alterco into ELANA Trading equity report