Eurohold Bulgaria raises €266M via warrant exercise
What's the deal? Eurohold BulgariaDealroom has a profile for this one. Try Dealroom →, a diversified holding company listed on the Bulgarian Stock Exchange, raised €266M after investors exercised roughly 260 million warrants and subscribed for an equal number of new shares. The subscription closed on June 1, with each new share carrying an issue price of €1.0226 and a nominal value of €0.51. Only about 41,600 warrants went unexercised — a near-total conversion.
Why now? Warrant-based capital increases are gaining traction in Bulgaria. Several listed companies, including pharma firm SopharmaDealroom has a profile for this one. Try Dealroom →, have already used the instrument multiple times. For Eurohold, the timing aligns with strong financial momentum: consolidated revenue for 2025 reached €1.78B (up from €1.58B the prior year), while net consolidated profit tripled to roughly €53M from €17M in 2024.
The group operates across financial services, car sales, leasing, and insurance through subsidiaries in 13 European countries. Its most valuable assets include Electrohold Bulgaria, Euroins Insurance Group, and Euro-FinanceDealroom has a profile for this one. Try Dealroom →.
What could go wrong? Before the capital increase was reflected, Eurohold's market capitalisation stood at just €279M — barely above the €266M raised. The massive share dilution could weigh on the stock price, which closed at €1.07 on June 2, already slightly above the €1.0226 issue price. If the company cannot deploy the fresh capital productively, existing shareholders may see their stakes diluted without a corresponding rise in value.
The signal: Eurohold's near-complete warrant conversion — with fewer than 42,000 out of roughly 260 million warrants left unexercised — is a striking vote of confidence in a company that Dealroom still classifies as "early growth" despite generating nearly €1.8B in annual revenue. The deal underscores how Southeastern European public markets are becoming viable venues for large-scale capital raises, moving beyond plain-vanilla offerings toward more sophisticated instruments like warrants that are gaining traction among Bulgarian listed firms.
Read more: Forbes Bulgaria
