Finnish mobile games developer Nitro Games has today commenced publicly trading on NASDAQ First North Stockholm.
The developer opened at 43 Swedish krona ($4.93) a share. At the time of publishing, its share price is hovering at 40 krona ($4.59) with a market cap of around $8.45 million.
Nitro Games had hoped to raise $3.5 million from its IPO. It will use the money raised to transition into self-publishing, and is currently on a hiring spree to facilitate this shift.
Go it alone
"We see the listing on Nasdaq First North as the next phase in the progression of the company," said Jussi Tähtinen, CEO and co-founder of Nitro Games.
"We are looking to expand our business to self-publishing and feel that we are offering an interesting opportunity for investors to join our success story."
In an interview with PocketGamer.biz, Tähtinen also noted the additional PR benefits of going public, saying that "with an IPO we'll have more shareholders following us and also hopefully some new people watching us."