Swedish mobile developer MAG Interactive has successfully completed its Initial Public Offering.
The firm behind popular word game series Ruzzle announced it intended to float last month, and today confirmed that its final price for the IPO was SEK 44 each. According to an official statement, this implies a market value of SEK 1,158m ($137m).
The company offered 4.5m new shares while existing shareholders offered 6.8m, making for a total of 11.3m shares. The new shares alone will generate gross proceeds of roughly SEK 200m ($23.5m) and net proceeds of SEK 184m ($21.6m).
As previously announced, five cornerstone investors acquired a combined SEK 230m ($27m) of shares. These companies include Didner & Gerge Fonder, Handelsbanken Fonder, RAM ONE, Chalex and Swedbank Robur Fonder. Together they account for just shy of 20% of MAG's shares.
"We are very pleased about the strong interest in MAG Interactive demonstrated by the public and institutional investors during the listing process," said CEO and co-founder Daniel Hasselberg.
"The strong demand from both Nordic and international investors confirms our belief in our strategy, our offering as well as our potential. This is an important milestone for us, and we welcome all new owners to the continuation of MAG Interactive's journey."
MAG Interactive's shares are now available for trading on Nasdaq First North Premier under the ticket "MAGI", with settlement due to take place on Tuesday, December 12th.