BSE CEO: 95% of Listed Companies Are SMEs, Market Offers Growth Opportunities for Investors 2025

Balgarianovinite.com Associate Professor Manyu Moravenov, CEO of the Bulgarian Stock Exchange (BSE), stated that 95% of the companies trading on the BSE are small and medium-sized enterprises. He spoke at the BenchMark financial forum, organized by investment intermediary BenchMark Finance and held Saturday at Sofia’s Inter Expo Center.
Moravenov noted that the average amount of capital a company seeks for growth over one to two years closely matches the volume sought in Bulgaria’s private sector. “The Bulgarian market is small, investors are limited, and we concluded that developing a parallel private investor ecosystem here doesn’t make sense. That’s why we decided to work together with all investors and demonstrate the opportunities offered by the BSE,” he said.
Five years ago, the BSE launched a program for start-ups and young growth companies, which has since supported over 100 businesses. The BSE’s role is to connect these companies with investors from both the private and institutional sectors.
Moravenov highlighted that turnover on the BSE has doubled in five years, reaching BGN 1 billion this year, with major indices also rising. For young investors seeking moderate-risk options, the BSE offers attractive alternatives. Additionally, 60 companies regularly pay dividends, with the average dividend yield slightly above 3% over the past year.
In recent years, the BSE has focused on attracting larger companies. Moravenov explained that, aside from the 200 companies listed on the regulated market, they frequently negotiate with large Bulgarian private companies. “This is not a quick process. Large companies need time to understand that going public can help them raise capital and grow much faster,” he said.
Moravenov also emphasized that current uncertainties create opportunities for Bulgarian businesses due to changes in supply chains. The Black Sea – Danube basin is becoming increasingly attractive, and Bulgaria’s geographic position offers potential advantages. He said he expects growing interest from foreign investors in the Bulgarian capital market, which will allow local companies to expand faster and create new opportunities. He predicted that within the next ten years, Bulgarian companies will establish a stronger presence in Europe and become more internationally competitive.
However, he stressed that such development would be difficult without a national-level strategy for capital market growth.
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