Sofia, January 2026 – While global investors debate whether American tech and AI sectors are overvalued, a 9-component index in Bulgaria has quietly delivered 242% returns over 5 years. Why nobody mentions that? Most investors don’t even know it exists.
The Numbers Don’t Lie, But Nobody’s Looking in This Direction
From January 2021 to January 2026, the IMPTECH index, linked to technology companies traded on the Bulgarian Stock Exchange rose from a base of 100 points to 341.86 points – a cumulative return of 241.86%. For comparison, the celebrated NASDAQ-100 returned shy of 100% over the same period, while Germany’s TecDAX barely upped 14%.
Comparative Table – 5-Year Returns (2021-2026):
| Index | IMPTECH1 | S&P IT2 | NASDAQ-1003 | TecDAX4 |
| Jan. 5, 2021 | 100 | 2265.93 | 12802.38 | 3253.79 |
| Jan. 5, 2026 | 341.86 | 5678.02 | 25401.32 | 3701.99 |
| Total Return | +241.86% | +150.58% | +98.41% | +13.77% |
| CAGR | 27.85% | 20.16% | 14.68% | 2.61% |
This is not simply a lucky streak. It is a result of a unique combination of innovative companies, prudent management, and – until recently – complete absence of international attention. The limited market visibility or what we describe as the “geographical mismatch” is mainly dictated by Bulgaria’s capital market being mispriced in attention rather than in fundamentals. It is what we call “hidden in obscurity”
From Four to Nine: The Index Evolution
Graph 1: 5-year comparative performance 2021-2026. 2021 = 100.
IMPTECH began modestly in January 2021 with 4 companies: Shelly Group, Wiser Technology, Telelink Business Services, and Sirma Group. Today, the index includes 9 publicly traded technology companies, with the newest addition being Hydrogenera – the hydrogen technology manufacturer that successfully completed its IPO in June 2025, raising nearly EUR 4.09 million.
Current IMPTECH Components:
- Shelly Group – global IoT solutions leader with market capitalization exceeding €1 billion.
- Sirma Group – IT holding preparing for Frankfurt Xetra listing on February 24, 2026.
- Telelink Business Services – regional IT solutions leader with revenues exceeding €114 million for 2024.
- Wiser Technology – rapidly-growing IT conglomerate following a series of acquisitions.
- Dronamics – cargo drone pioneer with €30 million funding from the EIC
- Hydrogenera – the first hydrogen electrolyzer manufacturer in the Balkans with 49% revenue growth for 2024.
- Boleron – Bulgaria’s fastest growing digital insurance platform.
- BIODIT – creation and development of innovative security and biometric identification systems.
- Sin Cars – sports and electric car manufacturer.
The Stories Behind the Numbers
IMPTECH’s growth isn’t driven by a single company or a sector. The index is a balanced mix of established leaders and promising growth companies coming from Bulgaria:
Global Leaders: Shelly Group has become one of the world’s leading IoT device manufacturers, with strong presence in Europe and growing market share in the US.
Regional Champions: Telelink Business Services and Sirma Group are established players with international operations and stable revenues.
Innovative Startups: Dronamics develops revolutionary cargo logistics solutions with drones, while Hydrogenera positions itself as a key player in the green energy transition.
Why it is Still Unnoticed?
The lack of international attention isn’t surprising. Bulgaria is a small market with language barriers and limited institutional infrastructure for foreign investors. Local companies are rarely covered and analyzed by international brokerage houses and equity researchers.
Time is changing. Bulgaria’s accession to the eurozone on January 1, 2026 removed currency risk and created new market dynamics. Local Euro savings, which cumulatively account to EUR 48 billion5, flow into capital markets and international investors are beginning to look at Bulgaria with fresh eyes. When paired with the many cooperation initiatives among European exchanges, this creates a pathway for growth and investment inflows.
The Bridge to Global Markets
A game-changer for the Bulgarian capital markets was the launch of Eurobridge segment linking Deutsche Börse Xetra and the Bulgarian Stock Exchange which provides the opportunity for double listing companies from Bulgaria on Deutsche Börse.
Shelly Group’s dual listing on Deutsche Börse Xetra via Eurobridge segment in 2024 created an unprecedent success. In just a year and a half (first day of trading on Eurobridge as of April 29, 2024) Shelly trading justified that 2025 EU’s Savings and Investments Union strategy is real. In 2025 alone, 22% of the entire Shelly stock has been traded both on XETRA/BSE and OTC at some 20 venues. This is great success accomplished without any major EU institutional support.
Sirma Group’s upcoming Xetra listing, planned for February 2026, will create a second “bridge” between the Bulgarian market and international institutional investors.
The Liquidity Question
I am constantly confronted by skeptics who point to limited liquidity as a major obstacle to investments. This is a valid argument. The average daily turnover of most IMPTECH components is significantly lower than their Western European counterparts. Many Western European companies are hurt by low liquidity, too.
But this doesn’t change the fundamental question: in a world hungry for alpha and diversification, who can afford not to pay attention?
The Outlook
The companies from IMPTECH represent great entry into emerging European landscape. IMPTECH will not be a substitute to the major tech indexes. It simply opens new investment opportunities: in a world where institutional investors constantly seek new sources of returns, 242% returns over 5 years is 242% return, isn’t it?
Top performers (January 2021 – January 2026)
Graph 2: Top 3 IMPTECH Performers
Multiple returns data derived from infostock.bg and calculated based on opening share price for the first trading day of January 2021 and closing share price for January 21, 2026.
IMPTECH is the first and only index of public technology companies in Bulgaria, created and maintained by IMPETUS Capital. The index is calculated with equal weights and is rebalanced on a quarterly basis. Currently it includes Shelly Group, Dronamics, Wiser Technology (formerly Bianor), Telelink Business Services, Sirma Group, BIODIT, Sin Cars, Boleron and Hydrogenera.
Disclaimer: This publication is produced by Viktor Manev as an individual and, for the avoidance of doubt, not acting in his capacity of IMPETUS Capital’s managing directior, is completed on January 23, 2026. Viktor Manev, via IMPETUS Capital and/or managed by the latter companies, currently holds shares in Shelly Group SE (ISIN: BG1100003166), Wiser Technology AD (ISIN: BG1100007076), Boleron AD (ISIN: BG1100022232), Green Innovation AD (operating under the brand Hydrogenera) (ISIN: BG1100023222) and Biodit AD (ISIN: BG1100003190), which may present a potential conflict of interest. IMPETUS Capital OOD or a partner of IMPETUS Capital OOD is a member of the board of directors of: Shelly Group SE, Green Innovation AD, Biodit AD and Boleron AD which may constitute potential conflict of interest.
This publication, prepared by Viktor Manev, was first distributed by IMPETUS Capital on January 23, 2026 with modification thereafter by the author. The content published by IMPETUS Capital — including articles, podcasts, and newsletters — reflects the personal opinions of the authors affiliated with the firm and does not represent the official views of IMPETUS Capital, its subsidiaries, or affiliates. This content is provided for informational purposes only and should not be construed as investment advice, a recommendation to buy or sell any security, digital asset (such as cryptocurrency), or other financial instruments, nor as a basis for making investment decisions. It does not constitute a research report. Any third-party information referenced does not necessarily reflect the views of IMPETUS Capital or its related entities. All investors should execute their own due diligence in making investment decisions. All investments involve risk, including the potential loss of capital. Past performance is not indicative of future results.
References
- IMPTECH index is established and administered by Impetus Capital. https://www.impulsegrowth.eu/imptech/
- https://www.spglobal.com/spdji/en/indices/equity/sp-500-information-technology-sector/#overview
- https://www.nasdaq.com/market-activity/index/ndx/historical?page=1&rows_per_page=10&timeline=y10
- https://www.investing.com/indices/tecdax-historical-data
- https://www.bta.bg/bg/news/economy/954128-depozitite-na-domakinstvata-sa-narasnali-s-12-na-sto-na-godishna-baza-do-nad-94-
