Japanese social games developer Alt Plus set to IPO in March



Tokyo-based social games developer Alt Plus was approved on Wednesday to be listed on the Mothers market, a stock exchange for emerging companies.

The gaming company was founded in May of 2010 by Takeshi Ishii who formerly worked at a VC firm as well a gaming companies such as Genki Co., Ltd. and AQ Interactive (acquired by Marvelous AQL in 2011). It has developed several gaming titles for the GREE platform, such as Bahamut Brave (not to be confused with Cygames’ Rage of Bahamut for Mobage), The Spirit of Fantasia, and Legend of Derbies King.

In Q1 of 2012, the company saw 636 million yen (approximately $6.8 million) in revenue with a net profit of 166 million yen ($1.8 million). Some news sources say its flagship title Bahamut Brave was a very significant contributor to its sales. That title has acquired more than 1 million registered users as of last November.

With this IPO, the company will raise approximately 1.1 billion yen ($11.7 million) and start introducing new gaming titles on the iOS App Store and on Google Play.