Mighty Kingdom launches $18m IPO
Australian studio has an implied market capitalisation of $46 million
Mobile developer Mighty Kingdom has filed an Initial Public Offering on the Australian Securities Exchange.
The studio successfully raised $18 million at $0.30 per share, and public trading began April 21. At this IPO price, Mighty Kingdom predicts a market capitalisation of $46 million.
This filing followed a $4 million pre-initial public offering launched back in December 2020.
With this new capital, Mighty Kingdom aims to develop original IP and attract new talent to its 110-strong roster.
Mighty Kingdom has released more than 50 since its formation in 2010. Notable releases from the company include licensed mobile titles Shopkins, LEGO Friends: Heartlake Rush and Gabby's Dollhouse, as well as original games such as Ava's Manor.
The studio is currently gearing up for the release of Peter Rabbit Run, which launched in Australia last month. The title is set to launch globally in May.