DGAP-News: Allterco JSCo / Key word(s): Miscellaneous
Allterco JSC announces secondary listing on Frankfurt Stock Exchange
Munich, 16 November 2021 – Allterco JSC (ticker A4L / ISIN: BG1100003166) (“Allterco”), a provider of IoT and smart home products based in Sofia, Bulgaria, completes a secondary listing (SPO) on the Regulated Market of the Frankfurt Stock Exchange. The listing is scheduled for 22 November 2021 under GSIN: A2DGX9 / ISIN: BG1100003166. The company has already been listed on the Regulated Market of the Bulgarian Stock Exchange in Sofia since December 2016, where Allterco has recorded price gains of more than 1,100% in a five-year comparison. For 2021, Allterco expects revenues of EUR 27.8 million. For 2022, revenue is expected to grow by around 50% to EUR 41.8 million. Due to Allterco’s stable cash flow and strong capital structure, no capital increase is planned in the course of the secondary listing that is now taking place.
The background to the listing on the Frankfurt Stock Exchange is Allterco’s European growth strategy. The company currently generates more than a third of its revenue in Germany. The European business is led and expanded by Wolfgang Kirsch, most recently Chief Operating Officer of the MediaMarktSaturn retail group. As CEO of the newly founded Allterco Europe GmbH, he is responsible for opening up new markets and for the Munich location.
“Allterco has achieved impressive growth in recent years, but the market potential of our products is far from exhausted. The secondary listing on the Frankfurt Stock Exchange is an exciting milestone for the company. It will support our further expansion in Europe and give us additional financial flexibility,” says Wolfgang Kirsch.
Allterco’s most important sales driver is the smart home brand Shelly. Under this label, the company sells freely programmable relays, actuators and sensors that are compatible with all major platform solutions (Apple, Google, Alexa and others). While Shelly was initially considered an insider tip among technology fans, the low entry costs and a growing range of plug-and-play products have also made the brand successful in the mass market.
More information at allterco.com
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|Regulated Market in Frankfurt (Prime Standard)
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