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

Stockholm-based crypto brokerage Safello saw its IPO oversubscribed by nearly $60 million, or 1,240% from the planned $5 million.

Safello, a Stockholm-based cryptocurrency brokerage, is seeing massive demand from investors for its upcoming initial public offering on the Nasdaq First North Growth Market.

The company said Wednesday that its planned IPO was oversubscribed by 502 million Swedish krona ($59.3 million), up 1,240% from the planned 40.5 million krona ($4.8 million), Reuters reports.

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

“Safello will continue to follow its roadmap. The listing on Nasdaq First North opens new venues for growth that we will pursue. Specifically M&A, product expansion and geographical expansion,” he said.

Founded in 2013 in Sweden, Safello is an online crypto brokerage offering to buy and sell cryptocurrencies like Bitcoin (BTC). The company is regulated as a financial institution with 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 IPO plans in December 2020.

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