THQ Nordic started trading at SEK27 per share today, up SEK7 (35%) from the IPO subscription price. But it was not possible to get a big allocation as a retail investor as the IPO was 19x oversubscribed, I got 92 shares.

At SEK27/share the market-cap of the company is SEK1.94bn, which gives a P/S (based on the last 9 month annualized) of 8.4x. Given that they have 3 full-priced games in the pipeline continued YoY growth of 50% is possible which would motivate such a valuation, but from a risk-reward standpoint I'd rather own Frontier Developments at P/S 3x or even Take-Two Interactive also about 3x.