Mighty Kingdom (ASX:MKL) share price falls on ASX entrance

Mighty Kingdom Ltd (ASX: MKL) shares jumped 10% to 33 cents per share upon listing on the ASX this morning. However, the momentum quickly reversed, sending the shares downward.

At the time of writing, the Mighty Kingdom share price is down 6.67% to 28 cents. Based on the number of quoted securities, the company holds an indicative market capitalisation of around $42.5 million.

Background

Mighty Kingdom is Australia’s largest independent game developer. The company came into existence in 2010 with a small team of creatives headed by managing director Philip Mayes. Since then, the team has expanded to 103 developers.

Over its 11-year history, Mighty Kingdom has produced and released more than 50 games. Across the portfolio, the…