After years of preparation, South Australian game development studio Mighty Kingdom has launched on the Australian Stock Exchange. The company went public on Wednesday 21 April; on their second day of trading, Mighty Kingdom is sitting at a share price of $0.295, which puts its current market capitalisation at $26.9 million. The decision to go public has been a long-term plan for Mighty Kingdom, who raised $18 million in IPO funding over the last year.
Mighty Kingdom is the second Australian games company to go public in as many years, following Melbourne-based PlaySide Studios’ launch on the ASX towards the end of 2020. PlaySide studios boasts a market cap of $119.12 million at the time of writing.
In an interview with CEO and managing director Philip Mayes earlier this year, Mayes told Screenhub that the decision to go public would accelerate the ambitious independent studio’s trajectory of growth, which has already seen it grow from three employees to a 103 in the last decade.
‘We have pretty ambitious plans about what we want to do over the next 10 years,’ he said, continuing: ‘[going public] will be the catalyst for another wave of growth for Mighty Kingdom, and the products that growth generates will then fuel the next wave. This is a very, very exciting time for us.’
‘[Going public] will be the catalyst for another wave of growth for Mighty Kingdom, and the products that growth generates will then fuel the next wave.’
CEO Philip Mayes
Since its formation in 2010, Mighty Kingdom has released over 50 games that have been downloaded more than 50 million times. Their games are a mix of original IP like Wild Life and Ava’s Manor, and licenses from popular brands, like LEGO, Disney, Mattel, and Sony.
The studio is currently working on Conan Chop Chop, a roguelite set in the world of Conan the Barbarian, which will be published by Funcom later this year. They are also in the early stages of developing an original IP for console titled Young Witch, the beta release of which is scheduled for 2022.