The BSE Technology Benchmark Proves Maturity with Controlled Volatility
Sofia, 1 September 2025 – The IMPTECH Index of publicly traded technology companies in Bulgaria, launched by IMPETUS Capital, shows impressive resilience and comeback, trading at 310.3 points – just 2.9% below its all-time high of 319.4 points reached in July 2024.
After a healthy correction of 26% to 237.82 points in April 2025, the index demonstrated a strong recovery of over 30%. This confirms the formation of a stable core of technology companies on the Bulgarian Stock Exchange.
From four to nine: the evolution of the index
Launched in January 2021 with a base of 100 points and only 4 companies, today IMPTECH includes 8 leading technology companies. Soon, a 9th member is expected to join – Hydrogenera, which successfully held an IPO in June 2025, raising nearly BGN 8 million (€4.09 million).
The index has gone through the natural evolution for any new market instrument. From initial volatility due to the small number of components through the formation of a balanced portfolio of established leaders and promising growth companies.
The Stars of Recovery
Our analysis of the movement from July 2024 to August 2025 offers an insightful view of market dynamics:
Growth leaders:
- Shelly Group (SLYG) – the global IoT leader added an impressive +47% to its value, surpassing 55 euros per share
- Sirma Group (SGH) – the IT holding recorded a solid growth of +25%
- Dronamics (DRON) – the cargo drone manufacturer jumped +86% from its bottom, supported by the announcement for 30 million euros in funding from the European Commission
Stable performers:
- Telelink Business Services (TBS) – with consolidated revenues of €114.6 million for 2024, the company has demonstrated consistent growth
- Wiser Technology (WISR) – after a series of acquisitions, the company reported a +309% increase in consolidated revenue in 2024 and positioned itself as a future leader
Challenges:
- BIODIT (BDT) – the biometric company remains under pressure, trading 70% below July 2024 levels
- Sin Cars (SIN) – the electric car maker saw a +35% increase in revenue YoY for 2024 though it needs fresh funding to support its recovery and the development of its electric mobility series L City
- Boleron (BLRN) – the digital insurance company noted a +41% increase in revenue YoY for 2024 and is actively working to attract and integrate partners
Three categories, one vision
A structural analysis of the index reveals a balanced mix of:
Established companies – Shelly, Sirma and Telelink form the stable core with an international presence and stable revenues
Companies in transition – Wiser Technology and Boleron use venture capital for aggressive expansion and consolidation
Innovative startups – Dronamics, BIODIT and Sin Cars represent the high-risk, but also high-yield segment
Looking ahead: prudent optimism
Table 1: Movement of components during index correction phase (Jul.11, 2024 – Apr. 23, 2025)
During this period, the IMPTECH index made a correction from 319.40 to 237.82 points (-26%)
| Company | Ticker | Price at top | Price at bottom | Decline % |
| BIODIT | BDT | 1.14 | 0.37 | -68% |
| Dronamics | DRON | 2.78 | 1.40 | -50% |
| Boleron | BLRN | 3.66 | 2.00 | -45% |
| Wiser Technology | WISR | 6.35 | 4.48 | -29% |
| Sin Cars | SIN | 0.45 | 0.26 | -42% |
| Sirma Group | SGH | 1.12 | 0.92 | -18% |
| Shelly Group, € | SLYG | 38.50 | 31.90 | -17% |
| Telelink | TBS | 11.00 | 8.25 | -25% |
Table 2: Movement of components during the recovery phase (Apr. 23, 2025 – Aug. 29, 2025)
From 23.04.2025 to 28.08.2025 the IMPTECH index recovered from 237.8 to 310.3 points (+30.5%)
| Company | Ticker | Bottom Price | Current price | Growth % | Relative to the top |
| BIODIT | BDT | 0.37 | 0.34 | -8% | -70% |
| Dronamics | DRON | 1.40 | 2.60 | +86% | -6% |
| Boleron | BLRN | 2.00 | 2.80 | +40% | -23% |
| Wiser Technology | WISR | 4.48 | 5.60 | +25% | -12% |
| Sin Cars | SIN | 0.26 | 0.37 | +42% | -18% |
| Sirma Group | SGH | 0.92 | 1.40 | +52% | +25% |
| Shelly Group, € | SLYG | 31.90 | 56.4 | +77% | +47% |
| Telelink | TBS | 8.25 | 9.45 | +12% | -16% |
With a current value of 310.3 points, IMPTECH is traded:
+210% above its initial value of 100 points (January 2021)
-2.9% below the all-time high (July 2024)
+30.5% above the April 2025 lows
IMPTECH Snapshot – peak, correction and recovery
Jul, 2024 – Aug 2025
The index was launched in January 2021 with 4 components — Shelly Group, Wiser, Telelink and Sirma Group — and has since expanded to include Dronamics, Biodit, Sin Cars and Boleron, reflecting the growing depth of the market.
Top performers (all time)
The dynamics of the index – from the initial peak through the correction and the current recovery – is typical for a market that has already emerged from its early phase and is entering a stage of prudent development and mature investor behavior. The performance of the index in recent months shows that the technology sector on the BSE is entering into a new phase of growth. With the addition of Hydrogenera and the expected new listings, we consider the index may reach 10-12 components by the end of 2027.
Key factors for future performance
Positive catalysts:
- European funding for Dronamics (€30 million from the EIC)
- The successful integration of Wiser Technology‘s acquisitions
- The global expansion of Shelly Group (market capitalization of €1 billion)
- The addition of Hydrogenera with its 49% YoY revenue growth
Addressing Challenges:
- Additional needs for funding the growth for BIODIT, Sin Cars and Boleron
- Balancing weights between established companies and startups
- Improving liquidity for smaller components
Investment perspective
The IMPTECH Index offers a unique exposure to the Bulgarian technology sector, combining:
- Global leaders such as Shelly Group (56.4 euros per share, market capitalization over EUR 1 billion)
- Regional champions such as Telelink and Sirma
- The next generation of innovators like Dronamics and Hydrogenera
With the expected introduction of minimum criteria for liquidity and revenue upon reaching 15 components, the index is positioned as a leading benchmark for the technology sector not only in Bulgaria, but in the region of Southeast Europe as well.
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 and Boleron.
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 September 1, 2025. Viktor Manev, via IMPETUS Capital and 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 is a member of the board of directors of Green Innovation AD and Boleron AD which may constitute potential conflict of interest.
This publication, prepared by Viktor Manev, was first distributed by IMPETUS Capital on September 1, 2025 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.
