IPO Watch: Meet the latest games developer to join the ASX … Mighty Kingdom
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There’s now another Australia-based games developer on the ASX in Adelaide headquartered company Mighty Kingdom (ASX:MKL).
There’s no shortage of mobile gaming investment options on the ASX but, until now, only one was Australia based in PlaySide Studios (ASX:PLY).
Today Mighty Kingdom, which claims to be the largest independent game developer in Australia, has joined the cohort having raised $18 million at 30 cents per share.
ASX welcomes MKL. Mighty Kingdom has grown to become Australia’s largest independent game developer. Congrats! We wish you every success in the future. https://t.co/9LpQYvrTnj #ipowithasx #ausbiz #invest @MightyKingdom pic.twitter.com/8lEB7dgLZv
— ASX 🏛 The heart of Australia's financial markets (@ASX) April 21, 2021
Shares debuted at 11am this morning with shares lagging slightly since it listed.
The company is in an enormous global industry that reaches one in four people worldwide.
It was founded in 2010 and has released over 50 games that have been downloaded over 50 million times. It employs over 100 people and worked with brands including Disney, Lego, Sony and Snapchat.
Mighty Kingdom hopes to invest in growth and innovation with its IPO cash, particularly developing self-publishing capabilities.
In the longer term it hopes to establish international studio locations and possess over $1 billion worth of intellectual property.
Today it unveiled a partnership with Canadian developer East Side Games to develop a mobile game for a well known science fiction franchise.
Mighty Kingdom will develop the game utilising East Side’s proprietary software and publishing capabilities.
CEO Phillip Mayes said his company was thrilled to be partnering with East Side and looked forward to sharing more details down the track.
Mayes is the largest shareholder with 34.1 per cent followed by Alium Capital which has 9.4 per cent.
The company is chaired by former ABC managing director Michelle Guthrie.