Hacksaw aiming to raise SEK3.35 billion through IPO

B2B content provider Hacksaw Gaming could raise as much as SEK3.35 billion ($352.6 million) via its initial public offering (IPO) in Sweden. The company will be listed on the Nasdaq Stockholm exchange.

The IPO will consist of existing shares, with the developer to use funds to support its ongoing expansion plans.

Detailing the IPO in its prospectus Tuesday, Hacksaw said it will make a total of 43,478,293 existing shares available for purchase. This represents 15% of its entire shareholding, with shares to be offered at a price of SEK77 each.

Assuming the offering is fully subscribed and based on the full purchase price, this could generate SEK3.50 billion for Hacksaw, which would value the entire company at approximately SKE2.20 billion after the IPO.

However, should the IPO draw more interest, an additional 6,521,707 existing shares will be made available as an over-allotment option. Based on the same offer price, this would bring in a further SEK502 million if fully subscribed.  

If all 50,000,000 shares made available through the IPO are purchased, Hacksaw would give up approximately 17.3% of the entire shareholding.

The company was founded in 2018 and has since released a slew of games, including slots and instant win, built on its in-house RGS platform.

Hacksaw has launched games in a number of European jurisdictions including Italy and Finland, as well as New Jersey in the US.

IPO limited to Nordic buyers

The application period for the IPO launched Tuesday. However, it will only be made available to the general public in Sweden, Denmark, Finland and Norway.

Interested parties have until the market’s close on 24 June to purchase shares. Hacksaw said it intended to begin trading on Nasdaq Stockholm the following day, under the symbol HACK.

“With the publishing of the prospectus, we take another important step towards an IPO of Hacksaw,” Group CEO Christoffer Källberg said. “We have seen very positive interest from investors that value our technology-driven offering, scalable business model and strong financial track record.

“We are excited to welcome new investors to Hacksaw.”