Hacksaw AB, a global supplier of iGaming content and proprietary Remote Gaming Server (RGS) technology, has announced its intention to go public through an initial public offering (IPO) on Nasdaq Stockholm. The listing, expected to be completed during Q2 2025 depending on market conditions, will involve the sale of existing shares held by founders, board members, management, and employees.
The company has secured a preliminary green light from Nasdaq Stockholm’s listing committee, subject to final conditions being met, including distribution requirements and submission of a formal application.
The IPO comes after a period of accelerated growth and profitability. Hacksaw reported total revenues of €137 million for the year ending 31 December 2024, up from €67 million the previous year, representing a 105% increase. The company’s EBIT margin remained notably high at 84%, reflecting its capital-efficient, tech-led business model.
Hacksaw also reported a robust Q1 2025, with revenues of €44.96 million, EBITDA of €37.97 million, and operating profit of €37 million, translating into a Q1 EBIT margin of 82%.
| Metric | Q1 2025 | FY 2024 | FY 2023 |
|---|---|---|---|
| Revenue | €44.96M | €137.1M | €67.0M |
| Revenue Growth | 71% | 105% | 109% |
| EBIT Margin | 82% | 84% | 83% |
| Net Profit | €30.1M | €109.4M | €59.3M |
| Cash Flow from Ops | €40.76M | €100.7M | €51.0M |
According to CEO Christoffer Källberg, the IPO aims to increase Hacksaw’s visibility, broaden its shareholder base, and support long-term development.
“We have established ourselves as a leading supplier to online casinos globally. A listing on Nasdaq Stockholm is the next logical step to scale our reach and enhance long-term value,” said Källberg.
The offer will be open to the public in Sweden, Norway, Denmark, and Finland, and to institutional investors both within and outside the EU. In the United States, shares will only be offered to qualified institutional buyers under Rule 144A.
All shares offered in the IPO will come from current shareholders. No new shares will be issued. All major stakeholders will enter into customary lock-up agreements post-IPO.
Hacksaw’s proprietary Remote Gaming Server (RGS) platform, branded as OpenRGS™ when licensed to third parties, forms the backbone of its product strategy. The in-house built RGS is highly adaptable and enables rapid game updates to meet regulatory shifts, ensuring minimal downtime and fast market entry.
Hacksaw currently operates across the full B2B iGaming value chain, from original game development to global distribution, partnering directly with operators and aggregators. The platform also facilitates content distribution for third-party studios via its modular architecture.
Hacksaw’s board has set the following long-term financial targets:
These targets reflect a strategy focused on sustained profitability and cash generation while maintaining technological agility.
The full prospectus, which will include detailed financials, assumptions, and risk factors, is expected to be published ahead of the offering and made available on hacksawgroup.com.
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