Subscribers are over subscribing Safello, the Swedish Crypto broker by nearly 1,200%. They received almost $60 million or 1,240% from the planned $5 million. Safello is a Stockholm-based cryptocurrency brokerage.
It gained a massive demand from the investors for its upcoming initial public offering on the Nasdaq First North Growth Market. On Wednesday, the company revealed that subsribers are oversubscribing its planned IPO by 502 million Swedish Krona.
Frank Schuil, is the CEO of Safello. He said that the company is expecting that Nasdaq First North Growth market would list them in Stockholm on May 12.
Additionally, CoinShares, the major European Crypto asset Manager, debuted on the Nasdaq First North in March. The company initially announced its IPO plans in the December of 2020.
The company will also continue to follow its road map. Moreover, the listing on Nasdaq First North opened new avenues for growth that the company will pursue.
According to the exec, Cointelegraph set all the allocation rules in the prospectus, and Safelo followed those rules.
Frank Schuil founded Safello in 2013. It was as an online Crypto brokerage that offers buying and selling of cryptocurrencies like Bitcoin. The Swedish financial supervisory authority regulates the company.
Moreover, major Crypto industry players, including Barry Silbert’s digital currency group are backing Safello. Additionally, many Crypto miners predicted that 2021 for cryptocurrency companies 2021 is a year to go public.
In addition, Coinbase is the largest crypto exchanges in the United States. Safello is listed on Nasdaq Global select market on mid-April.