Shares in Hacksaw AB have commenced trading on the Nasdaq Stockholm Main Market, following the completion of a highly successful initial public offering (IPO). The company, which specializes in B2B technology platforms and game development for the iGaming industry, has been valued at approximately €2 billion following the offering.

IPO overview and strong demand:

The listing is a significant milestone for the Sweden-based company, which has been providing innovative digital games—including slots, scratch cards, and instant win games—for operators worldwide. The IPO, which was heavily oversubscribed, has placed Hacksaw firmly in the large-cap segment of the market, as it continues to expand its operations.

The IPO, priced at SEK77 (€6.96) per share, involved the sale of 43.5 million existing shares, representing around 15% of the company’s total share capital. The offering was well-received, with demand coming from institutional investors globally and retail investors from Sweden, Denmark, Finland, and Norway. The offering was oversubscribed several times, demonstrating the strong interest in Hacksaw’s tech-driven gaming solutions.

In addition to the 43.5 million shares, an overallotment option was made available, allowing for the purchase of an additional 6.5 million shares, which, if fully exercised, could bring the total number of shares offered to 50 million, equivalent to 17.3% of the company’s equity.

The total gross proceeds from the offering amount to SEK3.35 billion (€306 million), with the potential to rise to SEK3.85 billion (€352 million) if the overallotment option is exercised in full. This will enable existing shareholders to liquidate part of their holdings, creating a market for the company’s shares and increasing Hacksaw’s visibility in the global capital markets.

Hacksaw’s listing on Nasdaq Stockholm is not only a testament to its sustained growth but also an opportunity to broaden its investor base and enhance its market presence. According to Christoffer Källberg, Group CEO of Hacksaw, the IPO represents a critical step for the company, helping to improve its global credibility while positioning it for further growth.

Källberg expressed excitement about the listing, stating in Nasdaq’s press release, “The listing on Nasdaq Stockholm is an exciting milestone in Hacksaw’s journey and a testament to the creativity, hard work, and commitment of our entire team. Being a listed company not only enhances our visibility and credibility on the global stage, but also strengthens our company for continued growth as we deliver innovative gaming experiences to partners and players worldwide.”

The offering has added over 16,000 new shareholders to the company, expanding its reach in Sweden and beyond. The funds raised will help increase awareness among customers, strengthen relationships with stakeholders, and provide access to additional capital markets for future expansion.

Financial performance and stability:

Hacksaw has demonstrated impressive growth over the past few years, with the company’s revenue reaching €137.1 million in 2024, reflecting a 104% increase from 2023 and a staggering 328% rise from 2022. For the first quarter of 2025, the company reported €45 million in revenue, up from €26.3 million in Q1 2024, showcasing continued momentum in the new year.

These strong financial results are paired with significant profitability, with the company posting a post-tax profit of €109.4 million in 2024 and €30.1 million in the first quarter of 2025. The company’s ability to drive substantial growth and profitability, even during challenging times, highlights its resilience and strong market position within the iGaming sector.

The listing of Hacksaw AB on Nasdaq Stockholm comes at a time when the company is experiencing a surge in interest from global investors. As the 23rd company to be admitted to the Nasdaq Nordic and Baltic markets in 2025, the move places Hacksaw among a growing number of tech-driven gaming firms turning to public markets to fuel their expansion.

Adam Kostyál, Head of European Listings at Nasdaq, welcomed Hacksaw’s listing, saying, “We are pleased to welcome Hacksaw to the Main Market of Nasdaq Stockholm. It is great to list another large-cap company on Nasdaq Stockholm. We are eager to support Hacksaw’s ongoing success and enhance their visibility on Stockholm’s Main Market.”