Australian games studio Mighty Kingdom has completed its $4 million pre-initial public offering.
The pre-IPO exceeded company expectations as it experienced strong demand from institutional and family investors.
Currently, Mighty Kingdom is home to more than 80 developers. Moreover, it has released over 20 games. To date, the studio's portfolio has attracted more than 50 million players across multiple platforms.
"We are thrilled with the response from the pre-IPO capital raise, which has attracted a range of high-quality investors to enable and support Mighty Kingdom's journey to become a publicly listed company," said Mighty Kingdom founder and CEO Philip Mayes.
"Since its release in October, the Ava's Manor game – with our partners Uken – has been downloaded over 1M times and has 90,000 daily active users. This has shone a spotlight on the company capping off a highly successful and exciting year. We are now well-positioned to embark on the next phase of our development."
Following its successful pre-IPO, the Australian company has added two more board members, Michelle Guthrie and Megan Brownlow. The two women will serve as chair and non-executive director, respectively.
Guthrie has much experience in the tech and media industries. Throughout her career, she has held executive positions at ABC, Star TV and Google.
"I am very impressed with the team that has grown Mighty Kingdom to be industry leaders in Australia, built on a foundation of strong culture and vision. It is an honour to join the Company as Chair to guide what is anticipated to be an exciting period of growth and transformation," said Guthrie.
Meanwhile, Brownlow was a partner at PwC Australia, where she led the national industry practice for media, technology and telecoms until April 2019. However, is the current chair of the industry advisory board for the School of Communications at the University of Technology in Sydney.