Hacksaw is a developer and distributor of online betting games. According to people familiar with the matter, it is considering an initial public offering in Stockholm in the coming months.
Hacksaw is working with advisers. Carnegie Investment Bank AB, Citigroup Inc., and Jefferies Financial Group Inc. are advising on the potential share sale. The information comes from people familiar with the matter.
No final decisions have been made, and the people said details of the offering including timing could change. Representatives for Hacksaw, Carnegie, Jefferies and Citi declined to comment.
Hacksaw’s offering could be one of the first new listings in Europe. Market turmoil caused by tariffs imposed by the U.S. had stalled IPO activity. President Donald Trump stalled IPO activity. IPO volume in the region is down 35% year-to-date compared to the same period last year. Despite that, Nodica Group AB canceled an oversubscribed first-time share sale in early April. This is according to data compiled by Bloomberg.
Before the recent bout of volatility, Stockholm was the busiest exchange in the region. It secured $1.5 billion in deals during the first quarter of 2025, according to the data. A listing would highlight Hacksaw’s rapid rise. The company, founded less than a decade ago, now offers over 120 games across more than 20 regulated markets.
The group headquartered in Sweden and has operations in Malta. According to its latest yearly report, it reported core earnings of €57 million or $64.8 million for 2023.
The Swedish Gambling Authority previously agreed to reduce a fine it had imposed on Hacksaw. The fine was cut from 2.6 million Swedish kronor ($264,530) to 20,000 kronor.
