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

IPO of Swedish crypto broker's oversubscribed by 1200%

There is a massive demand from investors from Safello, a Stockhalm-based cryptocurrency brokerage based on their initial public offering on the Nasdaq First North Growth Market.

The planned IPO oversubscribed by 502 million Swedish Krona ($59.3 million), as stated by the Company and up to  1,240% from the 40.5 million krona ($4.8 million), that was planned, according to Reuters reports.

On May the listing of the Company is expected to be on Nasdaq Firs North Growth Market in Stockholm. As stated by Frank Schuil, the Safello CEO.  The rules were slated in the prospectus and which was followed by Safello.

Also Schuil stated that creating the widest distribution has always being their approach and which is done after pre-subscription and in the spirit of decentralized ownership.
“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.

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