Hacksaw Gaming Makes a Remarkable Stock Market Debut with Oversubscribed IPO

The iGaming industry has witnessed another exciting milestone as Hacksaw AB successfully launched its public offering on Nasdaq Stockholm, marking a significant achievement for the Malta-based gaming technology company. The IPO, which initially aimed to raise around $378 million, exceeded expectations and generated approximately $404 million in gross proceeds, demonstrating strong investor confidence in the company’s growth trajectory and market position.

A Substantial Valuation Reflecting Market Confidence

The public offering established Hacksaw’s market valuation at approximately $2.3 billion, positioning the company firmly within Nasdaq Stockholm’s large-cap segment. The share price was set at SEK 77 (approximately $8.1) per share, with the initial offering consisting of 43,478,293 shares representing 15% of the company’s total equity. The overwhelming investor interest led to the IPO being oversubscribed multiple times, prompting the activation of an over-allotment option for an additional 6,521,707 shares. This brought the total number of shares offered to exactly 50 million, representing 17.3% of all outstanding shares.

What makes this offering particularly noteworthy is the breadth of investor participation. Over 16,000 individuals and institutions joined Hacksaw’s shareholder base, creating a diverse ownership structure that spans both institutional and retail investors across the Nordic region. The offering was structured as a secondary sale of existing shares, meaning the company itself won’t receive direct proceeds from the transaction. Instead, the funds will provide liquidity to existing shareholders, including founders, employees, and early investors.

The Journey from Startup to Stock Market Success

Hacksaw Gaming’s path to going public represents one of the most impressive growth stories in the European iGaming sector. Founded in September 2018 and headquartered in Malta, the company began as a focused developer of mobile-first scratchcards and instant-win games. The founders’ vision was to reinvent traditional casino products by leveraging modern technology and prioritizing mobile gaming experiences.

Marcus Cordes, who joined as Chief Operating Officer in September 2018 and later became CEO, has been instrumental in driving the company’s expansion. His previous experience at Multilotto and expertise in sales and business operations helped shape Hacksaw’s aggressive growth strategy. Under his leadership, the company evolved from a scratchcard specialist to a comprehensive B2B gaming platform provider.

The company’s early breakthrough came in 2019 when it released its first Pocketz slot and won the “Best Startup” award at the SiGMA conference. This recognition helped establish Hacksaw’s credibility in the competitive iGaming market. The company’s mobile-first approach proved prescient, as the industry increasingly shifted toward mobile gaming platforms.

Explosive Financial Growth Drives IPO Success

Hacksaw’s financial performance has been nothing short of spectacular. The company reported revenue of €137 million in 2024, representing a staggering 105% increase from €67 million in 2023. This growth trajectory extended into 2025, with first-quarter revenue reaching €45 million compared to €26.3 million in the same period of 2024. The company’s EBIT margin remained consistently high at 84% in 2024, demonstrating exceptional operational efficiency and scalability.

The financial success is underpinned by Hacksaw’s expanding portfolio of over 120 games distributed across more than 20 regulated markets through partnerships with over 300 operators. Some of their flagship titles, including “Wanted Dead or a Wild” and “Chaos Crew,” have achieved remarkable success, with “Wanted Dead or a Wild” alone accounting for approximately 14% of the company’s Q1 2025 revenue.

Technology Platform and Competitive Advantages

At the heart of Hacksaw’s success lies its proprietary Remote Gaming Server (RGS) platform, which provides comprehensive backend functionality for game development and distribution. The platform enables the company to operate across the entire B2B value chain, from game creation to distribution, while maintaining near-zero downtime for game updates and new market rollouts.

The company’s OpenRGS platform has emerged as a significant competitive advantage, allowing independent studios to develop and distribute games using Hacksaw’s technology infrastructure. This platform-as-a-service model not only generates additional revenue streams but also expands Hacksaw’s content library without proportional increases in development costs. The OpenRGS platform currently supports five partner studios, with plans for continued expansion.

Hacksaw’s games are characterized by their distinctive visual style, high-quality graphics, and innovative gameplay mechanics. The company has developed proprietary features like the Stackways mechanic and DuelReels system, which have become signature elements of their most popular titles. Their focus on mobile-first design ensures seamless gameplay across all devices, addressing the industry’s shift toward mobile gaming.

Market Position and Competitive Landscape

Hacksaw operates in the highly competitive iGaming content supply market, where it faces competition from established players like Pragmatic Play, Evolution Gaming, and numerous smaller studios. However, the company has carved out a distinctive niche through its focus on high-volatility slots, dark-themed games, and innovative bonus features. As such, according to some analysts, the company is well positioned to take on and surpass competitors such as Evolution Gaming.

The company’s rapid growth has been facilitated by strategic partnerships with major aggregators and operators. Approximately 30-35% of Hacksaw’s revenue flows through aggregators, while the remaining portion comes from direct operator relationships. This diversified distribution strategy reduces dependency on any single channel while maximizing market reach.

Recent partnerships include collaborations with Caesars Entertainment in New Jersey, Sky Betting and Gaming, and Soaring Eagle, demonstrating the company’s ability to secure relationships with tier-one operators across different markets. The company’s geographic revenue distribution shows strong international presence, with Europe accounting for 54% of revenue, Asia 22%, North America 15%, and South America 5%.

Leadership and Strategic Vision

CEO Christoffer Källberg has positioned the IPO as a strategic milestone that enhances Hacksaw’s global visibility and credibility. His statement that “being a listed company not only enhances our visibility and credibility on the global stage, but also strengthens our company for continued growth” reflects the management team’s confidence in leveraging public market status for accelerated expansion.

The company’s leadership team brings extensive iGaming experience, with backgrounds spanning technology development, business operations, and market expansion. This expertise has been crucial in navigating the complex regulatory landscape across multiple jurisdictions and building relationships with diverse operator partners.

Regulatory Compliance and Market Expansion

Hacksaw has demonstrated strong commitment to regulatory compliance, holding licenses from respected authorities including the Malta Gaming Authority, UK Gambling Commission, and Isle of Man Gambling Supervision Commission. The company has also secured approvals in Ontario, Greece, Romania, Spain, and Denmark, with ongoing expansion into additional regulated markets.

The regulatory compliance strategy extends beyond mere license acquisition to include robust responsible gaming measures, data protection protocols, and anti-money laundering procedures. This comprehensive approach to compliance has been instrumental in securing partnerships with tier-one operators who prioritize regulatory adherence.

Comparing to Industry Precedents

Hacksaw’s IPO success can be viewed in the context of other notable iGaming IPOs in the Swedish market. Evolution Gaming, now a market leader in live casino solutions, completed its IPO on Nasdaq First North Premier in March 2015 at SEK 80 per share, raising SEK 1.4 billion. Evolution later moved to Nasdaq Stockholm’s main market in June 2017 and has since grown to become one of Europe’s most valuable gaming technology companies.

Betsson, another Swedish gaming company, has maintained its public listing and continues to demonstrate the viability of publicly traded iGaming companies in regulated markets. These precedents suggest that Swedish capital markets are receptive to well-positioned iGaming companies with strong growth prospects and regulatory compliance records.

Market Reception and Trading Dynamics

The overwhelming investor interest in Hacksaw’s IPO reflects broader confidence in the iGaming sector’s growth prospects. The offering was made available to retail investors in Sweden, Denmark, Finland, and Norway, as well as institutional investors globally. This geographic focus on Nordic markets aligns with the region’s progressive regulatory frameworks and sophisticated investor base.

Adam Kostyál, head of European listings at Nasdaq and president of Nasdaq Stockholm, expressed enthusiasm about adding Hacksaw to the exchange’s large-cap segment, stating that “We are eager to support Hacksaw’s ongoing success and enhance their visibility on Stockholm’s Main Market.” This endorsement from the exchange leadership underscores the strategic importance of the listing.

Future Growth Prospects

Trading under the ticker symbol HACK, Hacksaw’s shares represent an opportunity for investors to participate in the continued growth of the global iGaming market, which includes crypto-based iGaming. The company’s strong financial performance, innovative technology platform, and expanding market presence position it well for continued expansion.

The implementation of lock-up periods – 360 days for larger shareholders, board members, and management, and 180 days for smaller shareholders – provides market stability while allowing for orderly secondary trading. This structure demonstrates the company’s commitment to maintaining investor confidence while providing appropriate liquidity for existing stakeholders.

Looking ahead, Hacksaw’s platform-based business model offers multiple avenues for growth, including geographic expansion, content portfolio diversification, and technology platform monetization through the OpenRGS offering. The company’s track record of innovation and ability to adapt to market trends suggests strong potential for continued success in the public markets.

The successful completion of this IPO represents not just a financial milestone for Hacksaw, but also a validation of the iGaming industry’s maturation and the viability of technology-focused gaming companies in public markets. With over 16,000 new shareholders now invested in the company’s future, Hacksaw has established a strong foundation for its next phase of growth as a publicly traded entity.