Mighty Kingdom (ASX:MKL) Makes Muted Debut on ASX


  • Mighty Kingdom shares fell 8% post listing on the ASX.
  • The game developer has raised AU$18 million through its IPO.
  • The company has reached a deal with a LEAF Mobile subsidiary to develop a mobile game for global release.

Game developer Mighty Kingdom made a muted debut on the Australian Securities Exchange (ASX) on Wednesday, with its stock listing at AU$0.33, a 10% premium from its offer price of AU$0.30 per share. Post listing, the stock slipped in red and declined as much as 8.33% to AU$0.275 on the ASX. The stock was listed on the ASX with the ticker “MKL”.

In the opening trade so far, the stock hit a high and low of AU$0.330 and AU$0.275, respectively. At the time of reporting, MKL share price was quoting at AU$0.280, down 6.67% against the offer price. As many as 6,177,537 equity shares have changed hands on the counter on the ASX, so far.

Mighty Kingdom is the second company to list on the ASX this week. On Tuesday, Latitude Financial Group, a leading Buy Now Pay Later (BNPL) company, had a decent first day of trading with its stock rising 3.846% to close at AU$2.70.

Image Source: © Tom1759 | Megapixl.com

Also Read: IPO listing in April: Here’s list of top companies to watch for

Mighty Kingdom raises AU$18 million via IPO

The Australia's largest independent game studio raised AU$18 million through its initial public offer (IPO). The company issued 151.7 million fully paid ordinary shares at an offer price of AU$0.30 apiece, giving the company a valuation of AU$45.5 million.

The company intends to use the IPO proceeds to accelerate its growth strategy as well as development and launch of its own original games.

Image Source: © Vectomart | Megapixl.com

Ahead of the IPO, the company raised AU$4 million in pre-initial public offering (pre-IPO) from institutional, family and sophisticated investors.

Established in 2010, the Adelaide-based games developer has released more than 50 games, including the popular Shopkins, LEGO Friends: Heartlake Rush, Gabby’s Dollhouse, Wild Life and Ava’s Manor. Besides, it has produced games under licence with many entertainment companies such as Snapchat, Disney, LEGO, Sony, Funcom and Moose Toy (Shopkins). It has a team of more than 100 employees with significant experience across mobile and console platforms.

The company is now focusing on developing its own games in-house as people are spending more time playing games online due to the pandemic-induced restrictions.

Also Read: How Will Smartphones Look Like In 2030?

Signs Multi-Year Contract with East Side Games on Debut

Mighty Kingdom has entered into a partnership and publishing agreement with East Side Games, a subsidiary of leading free-to-play mobile game group LEAF Mobile Inc., to co-develop a mobile game for global release in FY22.

Canadian game developer East Side Games has developed and published several successful mobile games such as Archer: Danger Phone, It’s Always Sunny: The Gang Goes Mobile and Roll for Adventure: Idle RPG.

The collaboration involves a multi-year agreement to develop a mobile game for a well-known science fiction franchise. Mighty Kingdom will develop the game in-house utilising East Side Games’ core proprietary software and publishing capabilities.

Must Read: Top Players Across the Globe Riding Gaming Boom

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK