Hacksaw Gaming, the Malta-based slot studio, listed on Nasdaq Stockholm on 27 June. Existing shareholders sold about 15% of the company at SEK 77 a share, roughly EUR 351 million, and the offer was oversubscribed with more than 16,000 investors in the book. No new money was raised - this was a partial exit for the owners.
The numbers behind the listing are the interesting part. 2024 revenue was EUR 137 million, double the year before, with an EBIT margin of 84%. First-quarter 2025 revenue grew 71%. At the offer price the company was valued at around SEK 22 billion, or about EUR 2 billion - roughly 14 times trailing revenue.
Why does this matter for a content supplier in Bulgaria or Romania? Because it is a public, current mark for what investors will pay for a game studio with a distribution network and a fast-growing hit list. Buyers of private studios will discount that heavily for size, concentration and liquidity, but the anchor is now there.
Two lessons for owners thinking about a process.
Growth rate and margin drove the price, so the 12 to 18 months before a sale are the ones that count.
The Nordic exchanges remain the natural home for listed iGaming suppliers. A Stockholm IPO is a realistic route for a CEE studio of scale, and even where a trade sale is the goal, a credible listing alternative improves the negotiating position.
We track supplier valuations across the region and are happy to share where a specific business would sit against these benchmarks.
(Sources: NEXT.io; CasinoBeats; Hacksaw Gaming first-day-of-trading release)