Hacksaw Gaming Preparing for Stockholm IPO

One of Europe’s fastest-growing iGaming developers is rumored to be heading for a public listing. According to Bloomberg, Hacksaw Gaming is exploring an initial public offering (IPO) in Stockholm, with preparations supported by major financial institutions including Carnegie Investment Bank, Citigroup, and Jefferies Group. Despite cautious IPO markets, Hacksaw’s strong financials, expanding U.S. footprint, and a recent regulatory win suggest the company is IPO-ready. Investors and industry stakeholders should closely watch Hacksaw’s next moves, which could signal a resurgence in gaming IPOs across Europe.

Hacksaw Gaming Eyes Stockholm IPO as U.S. Expansion and Financial Strength Fuel Market Buzz

3 Key Points:

1. Hacksaw Gaming is reportedly planning a Stockholm IPO with backing from global investment banks.
2. The move follows its successful U.S. expansion, including a Pennsylvania iGaming license.
3. The company posted €57M in core earnings and recently resolved a key regulatory issue in Sweden.

Hacksaw Gaming, a mobile-first iGaming content studio headquartered in Sweden, is reportedly preparing for a stock market debut in Stockholm. According to unnamed sources cited by Bloomberg, the developer is working with prominent financial advisers including Carnegie Investment Bank AB, Citigroup Inc., and Jefferies Group LLC.

While neither the timing nor the structure of the IPO has been finalized, the company’s interest in public listing comes at a pivotal moment. The European IPO landscape has been relatively quiet in 2025, with activity down by approximately 35% year-over-year, according to Bloomberg data. Several firms have delayed or withdrawn planned listings amid geopolitical uncertainty and market volatility.

Yet Hacksaw’s rumored move bucks this trend—signaling confidence in its financial foundation and growth strategy.

Building Momentum: U.S. Expansion and Strong Earnings

Founded in 2018, Hacksaw Gaming has quickly carved out a reputation for mobile-optimized digital gaming content, including scratch cards, online slots, and fixed-odds games. Its content is now integrated with many top-tier global casino platforms.

In December 2024, Hacksaw secured a manufacturer license from the Pennsylvania Gaming Control Board, enabling it to supply content in one of the largest regulated online gaming markets in the U.S. This move complements its broader North American expansion and positions it for future launches in additional U.S. states.

Financially, the company appears well-prepared for a public offering. According to its most recent annual filing, Hacksaw reported €57 million in core earnings for fiscal year 2023, reflecting strong demand and efficient operational scaling.

Regulatory Risk Mitigated Ahead of Potential Listing

One of the few clouds on Hacksaw’s otherwise clear horizon was a fine imposed by the Swedish Gambling Authority (Spelinspektionen), initially totaling SEK 2.6 million. However, the company successfully appealed the decision, which was reduced to SEK 20,000—a negligible sum by comparison.

This resolution removes a potential overhang for investors and further demonstrates Hacksaw’s ability to navigate complex regulatory environments.

A Barometer for the European iGaming Sector

If the IPO proceeds, it could become one of the first major listings in Europe’s gaming technology space since the sector cooled post-pandemic. Investor appetite remains cautious, but gaming—particularly mobile-first, regulation-compliant providers like Hacksaw—has outperformed many other tech verticals.

The listing could also serve as a litmus test for public market confidence in growth-stage iGaming companies. With regulatory shifts expanding legal markets in both Europe and North America, publicly traded gaming developers may once again attract institutional capital.

While Hacksaw Gaming has yet to confirm its IPO plans, all signs point toward a company on the brink of going public. Backed by global investment firms, buoyed by a robust U.S. entry, and financially sound, the firm’s rumored Stockholm listing could mark a turning point for European gaming IPOs. If successful, Hacksaw’s debut may reignite investor interest in a sector primed for global expansion, and set the stage for other rising iGaming innovators to follow.