The Swedish cryptocurrency brokerage Safello announced that its planned initial public offering (IPO) was oversubscribed by 1,240%.
The company planned to issue securities worth SEK 40.5 million (~$4.8 million) during the IPO, with total demand of about SEK 502 million (~$59 million) from 15,622 accounts.
“We are pleased to see tremendous interest in Safello’s shares, which signals the future of our industry. The prospect of a cryptocurrency-based financial system is gaining momentum in Sweden and beyond,” said Safello CEO Frank Schaul.
The company’s listing on the Nasdaq First North Growth Market will take place on May 12, 2021.
The share placement, despite the feverish demand, will proceed in accordance with the prospectus published on April 16.
As a result of the issue, Safello will receive SEK 40.5 million before issue costs, estimated at about SEK 4.8 million. The company will gain around 1,500 new shareholders.
As of this writing, the largest listing in the crypto industry was Coinbase’s listing on Nasdaq, the American exchange.
Earlier, Safello’s chief executive said the company aimed to become the “European Coinbase.”