Betting Tech Firm Hacksaw’s Shares Slip in Stockholm Debut (1)

Shares of Hacksaw AB erased early gains to close slightly below the level of its Stockholm initial public offering, marking a rare tepid debut for Europe’s hottest IPO venue.

The developer and distributor of online betting games closed at 75 Swedish kronor ($7.88) per share, about 2.6% below the firm’s IPO price of 77 kronor apiece. The shares faded throughout the trading day, after initially opening about 10% higher.

Shareholders raised about 3.35 billion kronor in the offering, which gave Hacksaw a market capitalization of about 22 billion kronor. Stockholm has been Europe’s busiest exchange for IPOs so far in ...