South Australia’s Mighty Kingdom Launches On The ASX, Valued At $28.84 Million

South Australia’s Mighty Kingdom Launches On The ASX, Valued At $28.84 Million
Image: Twitter (Mighty Kingdom)
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It’s taken a while, but homegrown Australian developers are starting to really grow up. One Aussie developer already launched a massive listing on the Australian Stock Exchange (ASX) last year, and sports developers Big Ant were recently bought out in a huge deal. South Australia’s Mighty Kingdom is the next studio to enjoy a massive injection of funds, with the company announcing they will list on the ASX on Wednesday, April 21.

Another Australian studio has made its way to the stock market, with South Australian developers Mighty Kingdom finally listing on the Australian Stock Exchange (ASX) after an $18 million raising earlier this year.

Mighty Kingdom’s launch on the ASX began well, hitting a high of 33 cents a share, although it looks like the company’s price will finish up just under its initial listing. The company’s stock is sitting at 0.285¢ at the time of writing, making its market capitalisation at $28.84 million.

The studio launched on the ASX with a new partnership, revealing they had entered a partnership with Canadian mobile devs East Side Games to make an iOS/Android spin-off of a “well known science fiction franchise”. East Side Games has previously worked on Roll For Adventure: Idle RPGArcher: Danger Phone, a mobile spin-off of It’s Always Sunny in Philadelphia, and an upcoming mobile spin-off of RuPaul’s Drag Race.

“The game is scheduled for release in FY22,” Mighty Kingdom announced.

Mighty Kingdom also informed investors that the studio’s first original IP game for consoles, Young Witch, will go into a beta release sometime in 2022. Their investor presentation also revealed other games in development, including a title called Ball Stars and two other projects that are “in advanced discussions with 3rd party development partners”.

The company revealed that it had over 110 developers, making it the largest independent developer in Australia.

“New capital from the IPO will allow the Company to attract new talent, embark on larger projects and publish original IP to deliver scalable, higher margin projects moving forward,” Mighty Kingdom said.

This story has been updated since its initial publication with details of new projects and updates to its stock listing.

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