Mighty Kingdom raised $18 million through an IPO — the studio's valuation reached $24.5 million

The largest Australian indie studio Mighty Kingdom, known for the games Shopkins and Peter Rabbit Run!, has entered the stock exchange. During the IPO, the developers managed to raise $18 million, and their market capitalization was $24.5 million*.

Games developed by Mighty Kingdom *It is not known exactly what currency is used here.

It could be both Australian and American dollars.

According to the Kotaku portal, the listing took place on the Australian Stock Exchange (ASX). There, Mighty Kingdom was selling shares at a price of $0.3 apiece.

The studio is going to use the raised funds to expand the staff, develop new major games and develop the publishing direction:

• most of the money will go to the creation of games — $ 7.3 million, and $ 5.6 million of them will go to projects made under license;
• Mighty Kingdom intends to invest another $1.8 million in the development of publishing;
• the company did not disclose how much money will be used to attract new employees.

Note that at the end of last year, Mighty Kingdom conducted a preliminary IPO, at which it raised $ 4 million. The studio did not specify what the money was spent on. However, shortly after the Pre-IPO, two more people joined the company’s board of directors, and the staff of the entire studio grew by 22 employees (now there are 110 people).

Mighty Kingdom was founded in 2010 in Australia. During this time, it has released over 20 games on PC, consoles and mobile devices, which have been played by more than 50 million gamers worldwide. Most of the indie studio’s projects are made for global brands such as Disney, Lego and Sony.