Stockholm based igaming development studio Fantasma Games has closed its oversubscribed initial public offering ahead of the group making its debut listing on the NASDAQ First North on March 23.

The IPO of SEK 21m (£1.8m) was significantly oversubscribed, says the firm, with the total subscription amount totalling SEK 216m (£18.2m) and corresponding to an unexpected subscription ratio of 1,269 per cent. 

This will see Fantasma will add 1,000 new shareholders, with 700,000 shares and 560,000 warrants of series TO1 issued. Around 68 per cent of the offer was submitted by Fantasma’s board and management plus Mangold Fondkommisison, Pontus Lindwall, KL Capital and Christian Rasmussen.

Björn Kjellsson, CEO Fantasma Games, explained: “We feel incredibly inspired by the great interest we have seen from investors in our listing issue where more than 4,000 investors have requested subscriptions.

“We would like to thank all investors for the clear trust regarding our business model and strategy, which enables continued expansion and growth for our business.

“Together with the rest of the team at Fantasma, I look forward to bringing both old and new shareholders into the next phase of our development which promises to be incredibly exciting as we take the business to the next level.”