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Read Full BioOnline game developer Hacksaw Gaming has officially gone public on the Nasdaq Stockholm exchange.
The move was met with strong interest and was oversubscribed with over 16,000 investors. This pushed the opening price of SEK 77 up 10%. However, the stock eventually closed its opening day of trading slightly below its listing price at SEK 75, down roughly 2.6%.
The public listing is not a traditional IPO to raise funds, but rather gives a chance for shareholders to cash in on the company’s growth. Up to 50 million shares were floated at an initial listing price of SEK 77, giving the company a valuation of SEK 22 billion ($2.3 billion).
A company statement declared, “Hacksaw’s Board of Directors and management consider the IPO on Nasdaq Stockholm to be a logical and important step in Hacksaw’s development.”
Hacksaw Gaming Showing Rapid Revenue Growth
Hacksaw Gaming has been growing rapidly. Its 2024 revenue more than doubled, reaching €137 million ($160 million), up from €67 million ($78 million) in 2023. The company maintained a high EBIT margin of 84%, showing strong profitability.
Growth has continued this year with €45 million ($52 million) in revenue generated in the first quarter. That is a 71% increase from Q1 2024. The company is on track to exceed €180 million ($210 million) for the year.
Last year, the company expanded its presence in the US by obtaining a provisional supplier license in Pennsylvania. The company is also active in other states that have legalized online casinos, including New Jersey, Michigan, and West Virginia.
In addition to supplying online casinos in the US with its services, the company also partnered with Sky Betting and Gaming in the UK last year.
CEO Eyes Further Global Expansion
Commenting on the decision to publicly list the company, Christoffer Källberg, Group CEO of Hacksaw, said, “I am delighted to announce our intention to list on Nasdaq Stockholm. We have established ourselves as a leading supplier to online casinos active on the global iGaming market thanks to our strong, technology-driven offering and capabilities that enable us to create the best possible experience for our customers.
“We look forward to continue building on our strong foundation and to deliver high-quality experiences and bring value to our customers.”
The company already has licenses in Denmark, Greece, Romania, Spain, Italy, Sweden, and the Isle of Man, in addition to being active in the US, UK, and Ontario in Canada. Alberta’s soon-to-be regulated gambling market represents an opportunity for further expansion in North America.
Other US states are also considering legalizing online casinos, which would provide areas for potential growth. Massachusetts lawmakers are currently considering a bill to join the seven states with legal online casinos in the country.
From Scratchcards To A Multi-Billion Dollar Company
Hacksaw started out by offering online scratchcards with a license in Malta in 2018. It then developed a full game suite in 2020.
The company’s portfolio of games earned nominations at the EGR Nordic Awards in 2021.
The launch of OpenRGS™ in 2023 pushed the company’s reach further. OpenRGS™ is a content distribution platform enabling third-party studios to push games through Hacksaw’s infrastructure.
The company’s games have earned praise from operators in Sweden as well as overseas in other European countries. That has led to expansion in North America.
US expansion is a key aim for the company now. CEO Marcus Cordes commented, “Our continued expansion into the U.S. market once again demonstrates the sheer determination and efficiency of our teams.”
