Malta-headquartered iGaming developer Hacksaw Gaming has officially confirmed its plans for an Initial Public Offering (IPO) on Nasdaq Stockholm. The listing comes at a time when the world IPO market is on the backfoot, has recorded a decline of approximately 35 percent year-over-year, largely on the back of prevailing macroeconomic headwinds. Despite that, Hacksaw Gaming’s strong finances and market positioning suggest that the company is pursuing this listing out of strength, not weakness. Such confidence, within a low-key IPO scenario, provides a compelling narrative to potential investors, indicating the resilience of the company and its confidence in its future.
IPO structure: Liquidity for shareholders, visibility for Hacksaw
The upcoming public offering is structured to provide liquidity for existing stakeholders, including founders, board members, executives, and employees, through the sale of their current shares. Hacksaw Gaming itself will not raise new capital from this offering. This approach avoids dilution for current shareholders and aims to broaden the investor base while increasing the company’s market visibility.
The will be accessible to the general public in Sweden, Denmark, Finland, and Norway, as well as to institutional investors both domestically and internationally. Joint bookrunners Citi, Jefferies, and Carnegie are managing the process. The IPO is anticipated to conclude by the end of June 2025 or during the second quarter of 2025, pending market conditions and final approval from Nasdaq Stockholm, which has already confirmed that Hacksaw meets the necessary listing requirements. Further details, including pricing, are expected to be released soon.
This approach of not raising new capital through an IPO means that Hacksaw’s current business is self-supporting, demonstrating good internal generation of cash. Good as this is, it also means that subsequent growth initiatives could need to be funded from other sources. Standard lock-up arrangements for current shareholders will, nonetheless, be in place to ensure market stability following listing.
Christoffer Källberg, Group CEO of Hacksaw, said, “I am delighted to announce our intention to list on Nasdaq Stockholm. We have established ourselves as a leading supplier to online 바카라s 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. We look forward to continue building on our strong foundation and to deliver high-quality experiences and bring value to our customers.”
Financial snapshot: Doubling revenue and high margins
Hacksaw Gaming has demonstrated “extraordinary” financial growth over the past four years. The company’s performance in 2024 and Q1 2025 underlines its rapid ascent in the iGaming sector.
In 2024, the revenues of Hacksaw Gaming more than doubled to €137 million, an increase from €67 million in 2023. This growth in revenue was matched with increased profitability, with the company recording an EBIT margin of 84 percent in 2024, slightly higher from 83 percent in 2023. Full-year 2024 earnings before interest, tax, depreciation and amortisation (EBITDA) stood at €117.6 million, up from €57 million in 2023. Analyst firm Regulus Partners reported an even higher EBITDA margin of 89 percent for 2024.
The strong momentum continued into the first quarter of 2025, with revenue surging 71 percent year-on-year to €45 million, projecting an annual run-rate of €180 million for the current year. Q1 2025 EBITDA reached €38 million, compared to €23.1 million in Q1 2024, with the EBIT margin holding strong at 84 percent.
In 2024, the revenues of Hacksaw Gaming more than doubled to €137 million, an increase from €67 million in 2023. This growth in revenue was matched with robust profitability, with the company recording an EBIT margin of 84 percent in 2024, slightly higher than 83 percent in 2023. Regulus Partners highlighted Hacksaw’s rapid market penetration, noting its iGaming content business is “already over 60 percent the size of Evolution’s RNG business” within just five years.
Powering the iGaming ecosystem
Founded in 2018, Hacksaw Gaming has evolved significantly, initially focusing on scratch cards before expanding into a vertically integrated content developer and distributor. The company now manages the entire B2B value chain, from game design to delivery via its proprietary Remote Gaming Server (RGS) platform, OpenRGS™.
OpenRGS™ is central to Hacksaw’s operational efficiency, designed for rapid market rollout, regulatory adaptability, and seamless game development. This technology allows for quick modifications to meet evolving regulatory requirements and supports third-party game studios. Key features include fast loading times, stable performance, HTML5 framework for cross-device compatibility, easy API integration, and built-in compliance support for over 20 regulated markets.
Hacksaw boasts a diverse portfolio of over 120 games. While known for instant-win scratchcards, its online slots are now prominent, characterised by innovative mechanics, edgy themes, and high volatility. Popular titles include Wanted Dead or a Wild, R.I.P. City, Chaos Crew, and Stack ‘Em. These games often feature unique elements like DuelReels™ and high multipliers. Hacksaw also offers modern table games like Baccarat and Blackjack. A mobile-first approach ensures seamless play on iOS and Android devices. Hacksaw’s games generally feature an average theoretical Return-to-바카라er (RTP) rate just above 96 percent and offer substantial winning potential, with some instant-win games featuring prizes up to €10 million.
Hacksaw Gaming has built an extensive global presence, operating in over 20 regulated markets. The company holds licenses from reputable bodies including the Malta Gaming Authority (MGA) and the UK Gambling Commission (UKGC).
Its European licenses include Sweden, Greece, Romania, Denmark (effective January 2025), and the Isle of Man. In North America, Hacksaw holds provisional licenses in US states like Michigan, New Jersey, West Virginia, and Pennsylvania, and operates in Ontario, Canada. The company also expanded into Italy, Bulgaria, and Portugal in 2024.
The company successfully appealed a SEK2.6 million fine from the Swedish Gambling Authority (SGA) in January 2024, which was initially imposed for its content appearing on unlicensed sites. The fine was significantly reduced to just SEK20,000. The court acknowledged Hacksaw’s cooperation and its proactive implementation of geoblocking software prior to the investigation. This resolution is a positive signal for the IPO, addressing a potential regulatory concern and showcasing the company’s commitment to compliance.
Despite this, research firm Regulus Partners has expressed concern about the absence of transparency regarding the proportion of Hacksaw revenue earned in unregulated or “grey markets”. They argue this transparency deficit could reflect risks to long-term valuation and expose the company to unforeseen compliance costs. Analysts anticipate the forthcoming IPO prospectus will offer more clarity on revenue originations and compliance structures. The new appointment of Christoffer Källberg, a financial expert, as Group CEO in January, and Patrick Svensk as Chairman of the Board, reflects an increased focus on good governance and compliance, necessary for a public company..
Long-term vision
Hacksaw Gaming’s board has set clear long-term financial targets: annual revenue growth “over 30 percent” and maintaining EBIT margins above 80 percent. The company also plans to return no less than 75 percent of its net profits to shareholders through dividends or share buybacks.
However, these targets have drawn scrutiny from market analysts. Regulus Partners, for instance, described the “over 30 percent” annual revenue growth target as “rather unambitious“. This could suggest a conservative approach to ensure consistent outperformance post-IPO. Furthermore, Regulus Partners questioned whether the aggressive 75 percent net profit return policy is compatible with the significant capital and operational demands of the iGaming sector under increasing regulatory pressure. The firm suggested that a strategy solely focused on becoming an “investor cash machine” might not be the most prudent for an industry requiring continuous investment in compliance, technology, and market expansion.
