Litorina-backed Fractal Gaming Group completes listing

Eliza Punshi
12 February 2021

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Sweded-based computer hardware company Fractal Gaming Group, backed by Litorina, has listed on Nasdaq First North Premier.

The IPO was priced at SEK 41 per share, which corresponds to a market capitalisation of around SEK 1.2bn (€119m). The company started trading yesterday.

The GP said in a press release that the offering attracted very strong interest from Swedish and international institutions as well as the general public, and was heavily oversubscribed.

Litorina sold 75% of its shares in the IPO and currently holds c. 13% of total shares in Fractal, becoming the second largest shareholder after the founder and CEO Hannes Wallin.

The listing comes five years after Litorina invested in the company via Litorina IV. During this period, it said, the company's sales increased by an average of 25% per year and EBITDA increased by more than five times.

In 2020, Fractal had net sales of SEK 636m and an adjusted EBITDA of SEK 139m.

Company
Founded in 2010 and based in Gothenburg, Fractal is a designer and manufacturer of premium PC and gaming hardware. Its products are sold in more than 50 markets globally. The company has additional offices in Dallas in the US, Dongguan in China, and Taipei, Taiwan. In 2020, Fractal had net sales of SEK 636m (€63m) and an adjusted EBITDA of SEK 139m (€13.7m). It employs 69 staff.

People
Litorina – Gustav Thott (partner).
Fractal Gaming Group – Hannes Wallin (CEO).

Advisers
Company – Carnegie (sole global coordinator, joint bookrunner); ABG Sundal Collier (joint bookrunner); Vinge (legal); Sundling Wärn Partners (financial due diligence).