Hacksaw Gaming Moves Toward Public Ownership

Hacksaw Gaming Moves Toward Public Ownership

Hacksaw Gaming

Rated 95.07/100%

449 Casinos | 197 Games

All Casinos

Number of games

197

Country

Malta

Founded

2018

• Scratchcards
• Slots
• Tournaments

Hacksaw Gaming has formally entered the public capital markets conversation by initiating an initial public offering (IPO) on Nasdaq Stockholm. The company, which is active in B2B slot and instant win content development, is offering a portion of its existing shareholding to raise new capital and broaden its investor base.

The IPO, as per the filed prospectus, involves the sale of 43,478,293 existing shares, priced at SEK 77 each. This offering would represent around 15 percent of the company's total shares. If fully subscribed at the proposed price, the transaction is expected to raise approximately SEK 3.35 billion, equivalent to €305 million. This would place Hacksaw Gaming's total market valuation close to SEK 22 billion, or roughly €2 billion.

In addition to the core offering, the company is prepared to make available an additional 6,521,707 shares through an overallotment arrangement, which would allow for an additional allocation in case of strong market interest. Should that be exercised in full, it would expand the total offer to 50 million shares, increasing the portion of equity involved to roughly 17.3 percent.

The subscription period began on June 17 and is open to retail investors in several Nordic countries, including Sweden, Denmark, Finland, and Norway. The window will remain open through June 24, with trading expected to commence on June 25 under the ticker “HACK.”

Founded in 2018, Hacksaw Gaming has developed and distributed digital gaming products primarily for regulated online markets. Its product catalog includes slot-based titles and instant win content delivered via a proprietary remote gaming server (RGS). Over the past few years, the company has expanded its operational scope across several European jurisdictions, including Italy and Finland. It has entered the U.S. through licensing in New Jersey and Pennsylvania.

From a financial standpoint, the company has posted noteworthy growth. Revenues for 2024 reached €137 million, more than double the figure reported for the previous year. Profitability margins have remained consistent, with EBIT margins maintained at 84 percent. This performance is likely to have contributed to the interest from institutional and retail investors in evaluating the IPO opportunity.

The firm's decision to proceed with a public listing aligns with broader strategic objectives. As regulatory landscapes across key markets continue to evolve and competition intensifies within the digital gaming content segment, access to public capital can support operational scaling, jurisdictional entry, and platform innovation. Hacksaw Gaming's IPO is structured around existing shares, meaning that proceeds from the offering will go to current shareholders rather than the company itself. However, the shift toward a publicly listed structure may also create opportunities for future fundraising, and position the company for longer-term strategic moves.

Commenting on the listing process, Group CEO Christoffer Källberg emphasized that publishing the prospectus represents a pivotal moment in Hacksaw Gaming's development. He noted that early interest from the investment community has been strong, pointing to the company's technology-driven model and financial record as key points of appeal.

Going public also introduces a shift in operational rhythm for a company accustomed to operating in private ownership. Increased disclosure obligations, governance frameworks, and shareholder engagement requirements all come into play post-listing. For Hacksaw Gaming, this may signal a change not only in capital access but also in decision-making processes, especially as external investors begin to influence the company's long-term direction.

The IPO arrives amid a broader trend of digital gaming and content providers exploring public listings in European financial hubs. Nasdaq Stockholm, in particular, has become a destination for companies focused on software, platform solutions, and interactive content. Its investor base tends to show familiarity with tech-oriented business models and has proven receptive to growth-stage firms that offer consistent metrics and cross-border potential.

While Hacksaw Gaming's listing is confined to existing shares, the move into public markets may still support downstream operational goals. Being listed can offer advantages in forming strategic partnerships, participating in licensing applications, and navigating regulatory audits that place a premium on financial transparency.