Sweden-based Ruzzle developer MAG Interactive has been valued at $137 million after launching its IPO on the Nasdaq First North Premier.

The IPO comprised of 4.5 million new shares and 6.8 million existing shares offered by shareholders in the company, at around $5 per share.

It’s hoped the offering of new shares will provide MAG with gross proceeds of approximately $23.6 million and net proceeds of around $21.6 million.

The offering accounts for around 43.1% of the total number of shares in the company, though could rise to 49.6% if an over-allotment option is exercised in full.

19.9% of shares in the company have been purchased for a combined $27 million by Didner & Gerge Fonder, Handelsbanken Fonder, RAM ONE, Chalex through Chalex i Göteborg and Swedbank Robur Fonder.

Key milestone

”We are very pleased about the strong interest in MAG Interactive demonstrated by the public and institutional investors during the listing process,” said MAG Interactive CEO 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 was founded in Stockholm, Sweden in 2010 and has worked on games such as Ruzzle, WordBrain, WordAlot and Backpacker.