Australian indie studio Mighty Kingdom goes public through IPO at market cap of A$24.5 million

Mighty Kingdom, known for games like Peter Rabbit Run! and Shopkins, has become public after raising A$18 million in IPO funding earlier this year.

According to Kotaku, the studio has been listed at Australian Securities Exchange (ASX), with a share price of A$0.3. The IPO valued Mighty Kingdom’s market capitalization at A$24.51 million, compared to the planned of A$46.5 million.

The company will use investments to hire new employees. Mighty Kingdom plans to spend A$7.3 million on development, with A$5.6 million coming to create license-based titles. The studio also will invest A$1.8 million in self-publishing.

Mighty Kingdom, founded in 2010, has released over 20 games for PC, consoles, and mobile to date, with total audience of over 50 million players. The company specializes in creating titles based on global franchises and partners with companies like Sony, LEGO, and Disney.