Ruzzle developer MAG Interactive has revealed plans for an IPO on Nasdaq First North Premier which could be worth up to $68 million (574 million Swedish krona).

The company is planning to offer 4,545,454 in new shares, while existing shareholders are looking to sell 6,800,007 shares in the IPO. Bookrunner Danske Bank is also allowing an over-allotment option, which increase the potential total of shares to 13,047,280.

The initial share price is currently planned to be 44 SEK ($5.21), which would value the IPO at $68 million if all shares were sold. Existing investors in MAG have already committed to buying $27 million of the shares at the IPO. It is expected to list by the end of 2017.

Exhilarating journey

"It has been an exhilarating journey since the launch of Ruzzle in 2012. We are fortunate to have some astonishing, ambitious, hard-working and driven people in this Company. Together we have come far, but we are nowhere near done," said Daniel Hasselberg, CEO and co-founder of MAG Interactive.

"We are still at the beginning of our journey with the listing being an important milestone, and an important step for us as a company. In addition to diversifying the ownership structure, the listing will contribute to awareness about MAG Interactive, something we are convinced will be beneficial for our growth journey ahead."

MAG Interactive recently acquired FEO Media for an undisclosed sum, backed by a $9.7 million investment from Swedbank Robur's Microcap fund. It will join Rovio, Next Games, and Nitro Games in the growing list of Nordic IPOs in 2017.