MOBIRIX Achieves 'Double-Price Jump' on IPO Debut... Prolific Competitiveness Shines in Bear Market

[Asia Economy Reporter Hyungsoo Park] Mobirix, listed on the KOSDAQ market, is soaring on its first day of listing.

As of 9:34 a.m. on the 28th, it is trading at 36,400 won, up 30.0% from the opening price.

On this day, the opening price was set at 28,000 won, which is 100% higher than the public offering price of 14,000 won.

Founded in 2004, Mobirix mainly develops casual mobile games. It services over 200 games worldwide through Google Play and the Apple App Store. Its representative self-developed IPs include Brick Breaker, Zombie Fire, Marvel Mission, Bubble Bobble Classic, and Snow Brothers Classic.

More than 91% of total sales are generated overseas. The monthly average number of users reaches 50 million. The revenue structure is also well-balanced, with platform-based advertising revenue accounting for 63%, in-app purchases 33%, and others 4%.

Researcher Jongwon Lee of Sangsangin Securities explained, "IPs such as Brick Breaker and Maze King have recorded over 10 million downloads," adding, "Mobirix has focused on developing IPs that are simple yet widely recognized, even as the market shifts to smartphones."

He continued, "They have concentrated on strengthening their proprietary platform competitiveness, which allows rapid development and overseas service of dozens of games," and added, "They possess advantages such as experience in releasing numerous IPs and various marketing tools."