NGC 2537 belongs to the iE class of Blue Compact Dwarf (BCD) classification, which is described as galactic spectra with an underlying smooth elliptical Low Surface Brightness component with a superimposed "knotted" star formation component (Gil de Paz et al., 2000, Page 378 Astron. Astrophys. Suppl. Ser. 145).
NGC 2537 was long thought to be possibly interacting with IC 2233. However, this is now considered highly unlikely as radio observations with the Very Large Array showed the two galaxies lie at different distances.[4]
Although no supernovae have been observed in NGC 2537 yet, a luminous blue variable, designated AT2017be (type LBV, mag. 18.5), was discovered on 6 January 2017.[5]