Online casino games provider Hacksaw Gaming has confirmed plans to launch an initial public offering (IPO) of its shares on Nasdaq Stockholm before the end of the month.
The initial IPO is expected to consist entirely of existing shares sold by current shareholders, including company founders, board members, executives and staff, and is intended to be directed to the general public in Sweden, Denmark, Finland and Norway, as well as institutional investors in Sweden and abroad.
Hacksaw’s board and management consider the IPO a “logical and important step” in the company’s development to expand its shareholder base, access the Swedish and international capital markets, and support its continued growth.
“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,” said Hacksaw CEO Christoffer Källberg. “We look forward to continue building on our strong foundation and to deliver high-quality experiences and bring value to our customers.”
Through its remote gaming server (RGS) platform and online casino games, Hacksaw’s total revenue doubled in 2024 to €137 million, with profit for the period increasing 84 per cent to €109.6 million.
In the first quarter of 2025, revenue rose 71 per cent to €45.0 million, with quarterly profit up 33 per cent at €30.1 million.
Hacksaw chairman Patrick Svensk commented: “We have come a long way in meeting our objectives to establish Hacksaw as a leading B2B iGaming supplier, and we are in a great position for continued strong growth and profitability.
“On behalf of the board, I welcome new, additional shareholders to the company, and together with our high-performing management team, our ambition is to create sustainable value for our existing and new shareholders.”
The IPO is expected to be completed before the end of the month, subject to market conditions and final approval by Nasdaq Stockholm, which has already assessed that Hacksaw has passed the necessary listing requirements.
Prior to the potential listing on Nasdaq Stockholm, Hacksaw’s Board has adopted long-term financial targets that it aims to achieve following the offering. This includes annual growth above 30 per cent, and maintaining operating profit (EBIT) margins above 80 per cent. In Q1 2025, the EBIT margin was 84 per cent.
Additionally, Hacksaw’s Board aims to allocate capital as opportunities arise and plans to return no less than 75 per cent of net profit to shareholders through dividends and/or share buy-backs.
Hacksaw was founded in 2018 and holds a number of licences in Europe, including Malta, the United Kingdom, Sweden, Denmark, Greece and the Isle of Man, as well as in North America in New Jersey, Michigan, West Virginia, Pennsylvania and Ontario.