Massive overdemand for crypto broker Safello's IPO
Cryptocurrency companies have experienced a surge in business in the past few months. This is mainly thanks to Bitcoin and other leading coins racing to new all-time highs. As a result, some of the companies are going public. Evidently, Swedish crypto broker Safello has a positive problem regarding its intended IPO.
Demand for Safello’s share surpasses the number of shares
The Swedish crypto broker Safello announced earlier that its upcoming initial public offering (IPO) had been oversubscribed by 1,240%. Meanwhile, the Company is planning to list on the stock exchange soon.In a press release, Safello said, “Safello Group AB (“Safello” or “the Company”) hereby announces the outcome of the offer to subscribe for shares in the Company in connection with the initial public offering on Nasdaq First North Growth Market (the “Offer”). The issue of SEK 40.5 million was subscribed for approximately SEK 502 million, through 15,622 accounts, corresponding to a subscription ratio of approximately 1240 %.”
The Company had put aside $40.5 million Swedish kronor ($4.8 million) worth of new shares to be distributed via its IPO. However, Safello received bids for $502 million kronor ($59 million) worth of its shares. Thus, this implies there is a high demand for the shares. The Company maintained that it would only issue $4.8 million worth of shares to some 1,500 investors.
Frank Schuil, Safello’s CEO, stated that they are thrilled with the massive interest in the Company’s shares and what it means for the future of the industry. “The prospect of a cryptocurrency-based financial system is picking up steam in Sweden and beyond. Companies positioned to work with incumbents will have a leg up to facilitate and drive this transition. We look forward to executing our plans to speed up the transition and create long-term value for our existing and new shareholders,” he added.
Crypto companies are going public
Safello announced in February that it was listing on the stock exchange. Last month, the Company received preliminary approval from Nasdaq Stockholm to list on the Nasdaq First North exchange. Afterwards, the Company opened its IPO subscription on April 19 and closed it on April 30. That said, Safello is expected to go public on May 12.The crypto broker’s listing will come roughly a month after Coinbase officially listed on the NASDAQ stock exchange. Similarly, other crypto companies such as Kraken and Ripple are considering going public before the end of the year.
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