Mighty Kingdom go public
Founded in 2010 and based in Adelaide, the company is the largest independent game studio in Australia with over 70 employees and 20 titles shipped. It produces games for PC, consoles and mobile devices and has collaborated on projects with LEGO, Disney and Snapchat.
Some of his titles included Conan Chop Chop, Ava’s mansion and LEGO Friends Heartlake Rush.
Mighty Kingdom founder and CEO Phillip Mayes told AFR that more people are gambling than ever because of COVID-19. And the proof is in the numbers. In the 2019-2020 fiscal year, Mighty Kingdom had sales of $ 2.8 million. A target of USD 12 million is targeted for the 2020-2021 fiscal year.
Mayes continues to plan to hold onto its 73 percent majority stake in Mighty Kingdom. The aim of the public offering is to raise capital and accelerate the company’s growth potential.
“Mighty Kingdom’s ultimate value will not come in an IPO process, but in 10 years,” Mayes told AFR.
“I’m here for the long term.”
There is no date for the ASX listing yet. However, the company is currently finalizing its $ 3.5 million debt package. It is planned to go public by the end of the year or early 2021.
Aussie video games and the ASX
Mighty Kingdom isn’t the first Australian video game developer aiming for the ASX on the backside of COVID-19. Last month, Playside Studios appeared to be preparing a $ 50 million public listing for the fourth quarter of 2020.
According to AFR, the studio closed a $ 3 million pre-IPO financing round back in September. Playside reportedly generated revenue of $ 7 million in fiscal year 2019-202, up 65 percent year over year.
Game games include The Walking Dead: Saints & Sinners, AR Dragon, Kubo A samurai quest, the Dumb ways to die.
We hope that multiple IPOs in the Australian development space will transform attitudes about video games and its potential as a financially viable industry at the local level.
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