The company HR Capital AD rang the bell at the Bulgarian Stock Exchange after completing the first convertible bond issuance on the BEAM growth market and raising over €5 million through a public offering. The company has been listed on the BEAM growth market for small and medium-sized enterprises since 2022.
The funds raised through the bonds will support the increase of HR Capital's stake in eBag, one of the leading Bulgarian technology and logistics companies in the e-commerce sector. The investment is part of HR Capital's strategy to consolidate stakes in proven Bulgarian companies with long-term growth potential.
The deal to acquire shares in eBag was announced in November 2025. HR Capital AD invests in fast-growing Bulgarian companies, aiming to provide investors with access to the growth of the private technology sector through a publicly traded structure.
"The BEAM market continues to establish itself as an effective instrument for financing growing Bulgarian companies. The increasing interest in bond issuances on the Bulgarian Stock Exchange in general is a clear signal of the development of this instrument, showing that more and more companies recognise the capital market as a real opportunity to raise resources for growth. Over the past two years, bond issuances on the Exchange have doubled," commented the CEO of the Bulgarian Stock Exchange, Assoc. Prof. Dr Manyu Moravenov.
Hristo Hristov, founder of HR Capital, stated: "The successful completion of this issuance is an important step not only for HR Capital, but also for the development of the capital market in Bulgaria. I hope this event will pave the way for more IPOs on the Exchange and encourage more investors to pay attention to the opportunities the market offers. We believe that there are high-quality and promising companies in which one can invest in the long term. The bond issuance is an opportunity for us to accelerate the execution of our strategy to expand our participation in proven Bulgarian businesses such as eBag."
"This is the first convertible bond issuance on the BEAM growth market, which makes it particularly significant for the development of this market. The transaction highlights the opportunities that BEAM offers as a flexible financing instrument. Its successful completion provides the necessary initial momentum, as we expect this to lead to increased activity and more companies choosing the Exchange as a real alternative for raising capital and supporting their growth," added Angel Rabadzhiyski, Executive Director of the issue's advisor, Karoll.
Photos from the event: here
The funds raised through the bonds will support the increase of HR Capital's stake in eBag, one of the leading Bulgarian technology and logistics companies in the e-commerce sector. The investment is part of HR Capital's strategy to consolidate stakes in proven Bulgarian companies with long-term growth potential.
The deal to acquire shares in eBag was announced in November 2025. HR Capital AD invests in fast-growing Bulgarian companies, aiming to provide investors with access to the growth of the private technology sector through a publicly traded structure.
"The BEAM market continues to establish itself as an effective instrument for financing growing Bulgarian companies. The increasing interest in bond issuances on the Bulgarian Stock Exchange in general is a clear signal of the development of this instrument, showing that more and more companies recognise the capital market as a real opportunity to raise resources for growth. Over the past two years, bond issuances on the Exchange have doubled," commented the CEO of the Bulgarian Stock Exchange, Assoc. Prof. Dr Manyu Moravenov.
Hristo Hristov, founder of HR Capital, stated: "The successful completion of this issuance is an important step not only for HR Capital, but also for the development of the capital market in Bulgaria. I hope this event will pave the way for more IPOs on the Exchange and encourage more investors to pay attention to the opportunities the market offers. We believe that there are high-quality and promising companies in which one can invest in the long term. The bond issuance is an opportunity for us to accelerate the execution of our strategy to expand our participation in proven Bulgarian businesses such as eBag."
"This is the first convertible bond issuance on the BEAM growth market, which makes it particularly significant for the development of this market. The transaction highlights the opportunities that BEAM offers as a flexible financing instrument. Its successful completion provides the necessary initial momentum, as we expect this to lead to increased activity and more companies choosing the Exchange as a real alternative for raising capital and supporting their growth," added Angel Rabadzhiyski, Executive Director of the issue's advisor, Karoll.
Photos from the event: here