Hacksaw AB Debuts on Nasdaq Stockholm Following Successful IPO

The Sweden-based iGaming technology provider Hacksaw AB commenced trading on Nasdaq Stockholm’s Main Market yesterday (June 25) under the ticker ‘HACK’. The company capitalized on a heavily oversubscribed initial public offering. The IPO success solidifies Hacksaw’s €2 billion market valuation and elevates it to the exchange’s large-cap segment, reserved for firms exceeding €1 billion in worth.

This milestone underscores Hacksaw’s global command as a supplier of digital gaming solutions, including slots, instant win games, and scratch cards. These offerings are powered by its proprietary Remote Gaming Server platform, accessible to operators worldwide.

IPO Success and Funding

Hacksaw’s initial public offering was priced at SEK77 (€6.96) per share and saw 43.5 million existing shares sold (15% of total equity). The offering attracted strong global institutional interest and retail participation across Sweden, Finland, Denmark, and Norway. Demand significantly exceeded supply, reflecting high confidence in Hacksaw’s tech-driven gaming portfolio.

An overallotment option of 6.5 million additional shares remains available. If fully exercised, total shares sold would reach 50 million (17.3% equity). Gross proceeds currently stand at SEK3.35 billion (€306 million) and will likely climb to SEK3.85 billion (€352 million) with full utilization of the overallotment. This move allows existing shareholders to partially monetize investments while establishing an active market for Hacksaw shares.

Market Impact

Hacksaw’s debut on Nasdaq Stockholm highlights its sustained growth while broadening its investor network and market visibility. Group CEO Cristoffer Kallberg emphasized the IPO’s role as essential to elevate the company’s global credibility and fuel expansion.

“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,” Kallberg stated. “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.”

Remarkable Growth and Market Elevation

Hacksaw has demonstrated exceptional financial performance with 2024 revenue surging 104% year-on-year to €137.1 million, representing a 328% increase from 2022. This momentum persisted in Q1 2025, where revenue reached €45 million, up significantly from €26.3 million in the same period in 2024. The company also hit high profit margins, posting €109.4 million in post-tax profit for 2024 and €30.1 million in Q1 2025, underscoring its resilience in the competitive iGaming landscape.