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

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.