Swedish crypto broker’s IPO oversubscribed by 1,200%

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Safello, a Stockholm-based cryptocurrency brokerage, sees massive investor demand for its initial public offering on the Nasdaq First North Growth Market.

The company said on Wednesday that its scheduled IPO was oversubscribed by SEK 502 million ($ 59.3 million), up 1,240% from its expected SEK 40.5 million ($ 4.8 million). dollars), Reuters reports.

Safello CEO Frank Schuil said the company expected to be listed on the Nasdaq First North Growth Market in Stockholm on May 12. The executive told UKTN that the allocation rules were set out in the prospectus and that Safelo followed those rules. “Our approach has been to create the widest distribution after pre-subscription in the spirit of decentralized ownership,” said Schuil.

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“Safello will continue to follow its roadmap. Listing on Nasdaq First North opens up new growth avenues that we will pursue. Specifically mergers and acquisitions, product expansion and geographic expansion, ”he said.

Founded in 2013 in Sweden, Safello is an online cryptocurrency brokerage firm offering to buy and sell cryptocurrencies like Bitcoin (BTC). The company is regulated as a financial institution by the Swedish Financial Supervisory Authority and is backed by major players in the crypto industry, including Barry Silbert’s digital currency group. Safello initially announced its plans to go public in December 2020.

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Many in the crypto space have predicted that 2021 will be the year crypto companies start going public. Coinbase, the largest crypto exchange in the United States, listed on the Nasdaq Global Select Market in mid-April. Leading European crypto asset manager CoinShares debuted on Nasdaq First North in March.