Shares in Hacksaw began trading on Nasdaq Stockholm today after the iGaming supplier completed an oversubscribed initial public offering (IPO).

The company said that the IPO attracted “very strong” interest from institutional investors globally, as well as the general public in Sweden, Denmark, Finland and Norway. 

The offering was oversubscribed several times and priced at SEK77 per share, valuing Hacksaw at around SEK22 billion (approx. €2.0 billion).

“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,” said Christoffer Källberg, group CEO of Hacksaw. “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.”

The offering comprised 43,478,293 existing shares, corresponding to approximately 15 per cent of the total number of shares and votes in Hacksaw after completion of the offering, excluding the over-allotment option.

An over-allotment option has been provided to the joint global coordinators Citigroup, DNB Carnegie Investment Bank and Jefferies, entitling them to request that a maximum of 6,521,707 additional existing shares be acquired from certain selling shareholders, not later than 30 days from the first day of trading. 

The value of the over-allotment option is SEK502 million (€46 million). 

Assuming that the over-allotment option is exercised in full, the offering will comprise 50,000,000 shares, which represents 17.3 per cent of the total number of shares and votes in Hacksaw after completion of the offering.

The total value of the offering is SEK3.35 billion (€306 million), and assuming that the over-allotment option is exercised in full, this rises to SEK3.85 billion (€352 million).

All existing shareholders have entered into customary lock-up undertakings. The lock-up period is 360 days for the board of directors, management team and shareholders owning more than 4 per cent of the outstanding shares in the company before the offering. 

The lock-up period is 180 days for existing shareholders owning no more than 4 per cent of the outstanding shares before the offering.

Shares in Hacksaw AB (STO:HACK) began trading on Nasdaq Stockholm this morning, with settlement expected to take place on Friday 27 June.