The ASX-listed freemium mobile games developer's shares are currently trading for 9.1 cents each after closing on Wednesday at 7.6 cents.

Let's check if the iCandy result is as sweet as it sounds.

What did iCandy report in 1H FY22?

Here is a snapshot of the key highlights for 1H FY22, which are sending the iCandy share price through the roof today.

• Revenue skyrocketed 1,600% from $0.93 million in 1H FY21 to $15.69 million in 1H FY22
• Earnings before interest, taxation, depreciation and amortisation (EBITDA) jumped to a record $4.41 million — the first time it has achieved profitability
• Net loss reversed from $1.19 million in 1H FY21 to a net profit after tax (NPAT) of $0.23 million in 1H FY22
• Current cash balance of $28.3 million

The astronomical jump in revenue was due to iCandy's new subsidiary, Lemon Sky Studios. This game and animation studio is known for developing games such as Call of Duty Infinite Warfare, Need for Speed Hot Pursuit, Spider-Man and Marvel's Avengers.

Lemon Sky Studios has assisted iCandy with developing three non-fungible token (NFT) Generative Art projects, as well as nine NFT/Metaverse gaming projects.

ICandy paid $44.5 million comprised of cash and shares for this acquisition.

Prior to this, iCandy also acquired 51% of Storms, a Southeast Asian-based game developer.

ICandy's ultimate goal is to become the leading integrated metaverse gaming platform globally.

Due to the acquisitions, iCandy's employee expenditures lifted from $0.3 million in 1H FY21 to $3.05 million in 1H FY22. This was the biggest uptick in operational expenses.

Operating cash flow went up from negative $1.06 million in 1H FY21 to $3.86 million in 1H FY22. However, iCandy spent $21.3 million in cash on acquisitions for 1H FY22.

What else happened in 1H FY22?

In March, iCandy announced its NFT project with Froyo Games and is expected to be finished in the last quarter of FY22.

ICandy is still developing its signature metaverse game Metal Genesis and hopes a playable demo will be ready by the last quarter of FY22.

Metal Genesis is an armoured robo-suit war machine-themed and player-vs-player metaverse virtual world game being developed by Lemon Sky Studios.

Management confident about outlook

ICandy management advised it has a pipeline of three years for work. Management plans to lift the company headcount by 20% by the end of the year.

Outside of game development, iCandy is seeing demand for animation development services from global streaming and content providers.

Management said it expects the recent revenue trend to continue.

iCandy share price snapshot

In the last year, the iCandy share price has risen by 53% but has dropped 8% in the past month. In contrast, the S&P/ASX 200 Index (ASX: XJO) is down 9% in the last year and 2% in the last month.

The market capitalisation of iCandy is around $113 million.

The post Guess which ASX share is booming on 1600% revenue growth appeared first on The Motley Fool Australia.

Trading was paused at the company's request pending today's twin announcements of a new acquisition and a capital raising.

We take a look at both those announcements from the ASX video game developer below.

First, the acquisition…

iCandy share price lifts on acquisition announcement

The iCandy share price is marching higher after the company reported it will acquire 100% of Lemon Sky Studios. The southeast Asia-based game art and animation company was already a joint venture (JV) partner with iCandy in developing a AAA-style mobile game.

Lemon Sky's existing portfolio of partnerships includes: EA Entertainment, Microsoft Studios, Disney, Nickelodeon, Blizzard Entertainment, Naughty Dog, 2K Games, Square-Enix, and Bandai Namco.

iCandy will pay AU$44.5 million (MYR135 million) for the acquisition, in both cash and new iCandy shares.

The $17.8 million in cash payment will be settled over the next 6 months.

The remaining $26.7 million will be paid for via a new share issue, valuing the iCandy share price at 11 cents per share. That's about where the company began the week, but well below the current 16 cents per share.

The company said it would fund the transaction with existing working capital along with the funds from its capital raising, the details of which were also released today.

It expects the acquisition to be completed inside 3 months.

What capital raising was announced?

iCandy reported its $40 million capital raising was oversubscribed after receiving firm commitments from institutional investors.

New shares will be issued at 11.5 cents per share.

Global gaming company, Animoca Brands, increased its existing 7% stake in iCandy with an additional $10 million investment commitment.

The placement will take place in 2 tranches.

The first tranche will raise $16.77 million via the issue of approximately 145.8 million new shares.

The second tranche will be completed subject to shareholder approval. iCandy said it will schedule an Extraordinary General Meeting "as soon as possible to also approve the acquisition of Lemon Sky Studios".

Upon approval, the second tranche will raise $23.23 million, with shares also issued at 11.5 cents.

iCandy share price snapshot

With today's intraday gains factored in, the iCandy share price is up11% in 2021. That's right in line with the year-to-date gain of 10% posted by the All Ordinaries Index (ASX: XAO).

Over the past month iCandy shares have leapt 74% higher.

The post Here's why the iCandy (ASX:ICI) share price is having such a sweet ride today appeared first on The Motley Fool Australia.

However, one of its major investments is readying itself to release what might be exciting news.

At the time of writing, the Fatfish share price is 6.8 cents, 25.93% higher than its previous close.

The broader market is also in the green today. The S&P/ASX 200 Index (ASX: XJO) has gained 0.16% while the All Ordinaries Index (ASX: XAO) is up 0.15%.

Let's take a closer look at what might be driving Fatfish's stock higher on Thursday.

Is this why the Fatfish share price has grown wings?

The Fatfish share price is surging today, forcing the ASX to issue the company with a speeding ticket.

In explanation to the ASX's query, Fatfish stated its gains might have something to do with its former subsidiary, iCandy Interactive Ltd (ASX: ICI).

iCandy is in a trading halt today as it prepares to release news of a major acquisition and capital raise.

The gaming developer was originally a spin off from Fatfish and Fatfish still indirectly holds a 31.9% stake.

While there's no word from iCandy defining its upcoming acquisition and capital raise, the market seems to be expecting big things.

As The Motley Fool Australia reported earlier today, the company had $7.9 million in the bank as of 30 September. That could suggest the cost of its upcoming acquisition will be more than the company's other recent purchases.

Additionally, iCandy recently invested $1.59 million into Mighty Kingdom Ltd (ASX: MKL), receiving a 7.78% stake in the gaming developer.

The Mighty Kingdom share price is also soaring today, gaining 26% despite no word from the smaller gaming developer.

iCandy is set to release the defining details of its planned endeavour before Monday's open. If it doesn't release an announcement between now and then, its shares will initiate trade as normal next week or the trading halt will be extended.

Whether iCandy's trading halt is behind the Fatfish share price's surge today is unclear. However, it seems to be as good a guess as any.

The post Why is the Fatfish (ASX:FFG) share price swimming 25% upstream today? appeared first on The Motley Fool Australia.

The trading halt follows a significant surge by the iCandy share price in recent days.

Since this time last week, the mobile games and digital entertainment creator's stock has gained 35% despite no news having been released by the company.

Right now, the iCandy share price is frozen at 13.5 cents.

Let's take a look at what the market might expect from iCandy when it defrosts its shares.

Here's why iCandy shares are frozen

The iCandy share price will remain on ice until the company releases details of a major acquisition and capital raise (or the ASX opens on Monday morning — whichever comes sooner).

It's worth noting that it hasn't been long since iCandy's last capital raise. The company conducted a placement to raise $10.5 million in December 2020. That capital raise saw iCandy shares on offer for 14 cents apiece and was heavily oversubscribed.

Additionally, iCandy's most recent acquisition was in March 2021. Then, it purchased Singapore-based NextGamer for $1.29 million.

The company also bought a 7.78% stake in fellow game developer, Mighty Kingdom Ltd (ASX: MKL) in September. The slice cost iCandy $1.59 million.

Interestingly, the Mighty Kingdom share price is currently 27% higher than yesterday's close. Its gains have come despite Mighty Kingdom's silence.

Finally, in iCandy's results for the quarter ended 30 September, the company reported it had about $7.9 million in cash in the bank and no debt.

It, therefore, stands to reason that the company's next acquisition might be bigger than its past purchases.

It goes without saying that all eyes will be on iCandy shares over the coming trading days.

iCandy share price snapshot

Despite its strong recent performance, the iCandy share price is struggling.

It is down 3.5% year-to-date and down 32.5% since this time last year.

The post iCandy (ASX:ICI) share price surges 35% in a week before being halted. Here's why appeared first on The Motley Fool Australia.

PwC's Entertainment and Media Outlook report has predicted that revenue from interactive games and esports will reach $4.9 billion by 2025, up from $3.4 billion last year.

That's a 44% increase in just 4 years.

"COVID-19 created an increase in gaming interest, both from new audiences and those Australians seeking an alternative form of entertainment, alleviating boredom and loneliness during lockdown," stated the report.

"With major sporting events cancelled or postponed during 2020, interactive gaming and esports filled a void for consumers as a way to stay socially connected to their communities through competitive entertainment."

Tax incentives galore for games industry

Growth for gaming is also being supercharged with recently announced government tax incentives for the nascent industry. 

The federal government is offering a 30% tax offset from July next year, and state governments are putting in their own discounts to attract the best businesses.

Privately held games developer Gameloft Brisbane will now double its staff numbers.

"We have been waiting for this news, we are going to double our Brisbane operation from 40 to 80 employees," Gameloft studio manager Dylan Miklashek told News.com.au.

"This can put Australia on a similar level to other countries."

ASX shares playing in the interactive gaming sector

So which companies could ASX investors look at for exposure into the gaming industry?

Here are the 5 most prominent players right now:

• Playside Studios Ltd (ASX: PLY)
• iCandy Interactive Ltd (ASX: ICI)
• Mighty Kingdom Ltd (ASX: MKL)
• Emerge Gaming Ltd (ASX:EM1)
• Esports Mogul Ltd (ASX: ESH)

Cyan portfolio manager Dean Fergie has been a fan of Playside Studios ever since its listing late last year.

"The company has an exciting 12 months ahead with the upcoming release of several new games including titles based on blockbuster movies Legally Blonde and The Godfather which should contribute to a material uplift in revenues in FY22," he said in August.

That pipeline is already starting to bear fruit, with Playside shares rocketing a stunning 110% over the past month.

There seems to be some consolidation between two smaller players, iCandy and Mighty Kingdom. The former bought 7.8% of the latter's shares in September, after Mighty Kingdom's share price plunged 50% since its April listing. 

Emerge Gaming produces games for mobile phones and is profitable, but still very much a microcap at $33.6 million market capitalisation.

Esports Mogul is different to the other 4 companies in that it does not produce games as such. Instead, the company runs e-gaming tournaments for business clients.

"Australia's total e-sports revenue was $6 million in 2020, and this is set to grow to $16 million by 2025." reported PwC.

The post 5 ASX shares in an obscure but booming sector appeared first on The Motley Fool Australia.

At the time of writing, the games and digital entertainment company's shares are fetching for 9.4 cents, down 6%.

Strong results from trial

Investors appear unfazed by the company's latest update, sending iCandy shares lower.

In its announcement, iCandy advised that throughout the early-trialling of Claw Stars, its studio team were receiving feedback from gamers. In response, iCandy's developers made changes to the game-play and mechanics, learning from past experience with Masketeers.

As a result, Claw Stars recorded the highest ever retention rate, achieving day-1 and day-7 of 46% and 18%, respectively. In comparison, Masketeers reached retention rates during its early access trial of 37% and 8% over the same time frame.

iCandy noted that retention rates are an important metric to measure how well a game will perform when launched. The mobile gaming industry considers retention rates as an early indicator of a game's future revenue potential. While only day-1 and day-7 were recorded, the company explained that longer duration retention rates are not normally tracked. This is because the mobile game genre falls under a causal mobile game in which consumers pick up from time-to-time.

Claw Stars is scheduled to launch worldwide in June 2021, with pre-orders and pre-registrations already being accepted. So far, over 78,000 pre-orders have been made within the first week. iCandy stated that the game will be available on both the Apple App Store and the Google Play Store.

About the iCandy share price

The iCandy share price has gained more than 320% over the past 12 months and has fallen 25% year-to-date. The company's shares reached a high of 23.5 cents in November 2020, before weak investor sentiment kicked in.

Based on the current share price, iCandy has a market capitalisation of roughly $53 million, with 578.9 million shares outstanding.

The post iCandy (ASX:ICI) share price sinks despite positive update to ASX appeared first on The Motley Fool Australia.

The games and digital entertainment company has purchased hyper-casual mobile gaming platform NextGamer.

Let's look closer at iCandy's announcement. 

The next big thing

Singapore-based company NextGamer creates easy-to-master mobile games, taking no longer than 2–3 minutes per game. It profits off of in-game purchases and advertising. The company creates both web and mobile-based games, allowing players to enter into casual gaming tournaments online.

Hyper-casual gaming is that which is simple, easy to play, and takes a very short time to complete.

iCandy stated in this morning's announcement that multiple sources claim hyper-casual mobile gaming is an up-and-coming trend in gaming. It noted reports that hyper-casual games recorded the most downloads in the first half of 2020.

NextGamer will have the ability to match gamers against one another for competitive gaming, iCandy stated.

iCandy has acquired 100% of NextGamer's voting shares. The purchase cost iCandy $1.29 million, of which $900,000 was paid for in cash and the rest in iCandy shares, valued at 13 cents each.

The company states its new acquisition will take cue from iCandy's library of more than 300 game titles.

Commentary from management

iCandy's Chairman, Kin W Lau, commented:

We are really excited at the prospect of hypercasual gaming, and NextGamer has a unique proposition that offers very short game sessions on the go to mobile gamers via a casual competitive gaming environment.

iCandy has extensive expertise in casual mobile games and we can market NextGamer's games to our large audience of mobile gamers internationally. 

iCandy share price snapshot

After announcing its new acquisition, iCandy shares are up 4.35% to 12 cents.

The iCandy share price is up 1,100% over the last 12 months but is down by 14.29%, year to date.

The company has a market capitalisation of around $65 million with approximately 571 million shares outstanding.

The post The iCandy (ASX:ICI) share price is up today. Here's why appeared first on The Motley Fool Australia.

It is, however, important to view today's falls within the context of the 195% gain the tech venture investment firm notched up yesterday.

Why has Fatfish been so volatile lately?

There are a few recent news items that have drawn focus to the Fatfish share price recently. Firstly, on Monday iCandy Interactive Ltd (ASX: ICI) announced its intentions of selling iCandy digital for $4.8 million to Rightbridge Ventures. Rightbridge is a subsidiary of Abelco, and Abelco is a subsidiary of Fatfish.

This news item, in reality, has no material impact on Fatfish, as it holds a stake in both iCandy and Abelco. Nevertheless, the announcement sent the Fatfish share price soaring.

Secondly, Fatfish appears to have entered the buy now, pay later (BNPL) space through its 78.7% ownership of Smartfunding. The newly developed BNPL offering by Smartfunding is expected to launch on 18 February in South-East Asia.

Lastly, Fatfish has exposure to Bitcoin (CRYPTO: BTC) through the Sweden-based Abelco. Given the momentous rally in the price of the digital currency, the market is all eyes on the speculative potential.

Perfect storm for the Fatfish share price

When you combine the hype of the BNPL sector with the immense speculation surrounding Bitcoin, the rocket ship emoji starts getting plastered all over it. The speculation reaches far and wide with huge inflows of interest. Today alone, Fatfish shares have seen five times their monthly average trading volume in a single day.

The question is whether today marks a reprieve as speculators take profit before pushing the Fatfish share price further upwards. Or whether it is the beginning of a longer downward trend. The answer to this may be largely influenced by how Smartfunding's roll-out evolves and where the Bitcoin price goes from here.

The Fatfish share price has returned an insane 2400% to shareholders over the last 12 months. Furthermore, the returns delivered by Fatfish have even outperformed Bitcoin itself.

The post Why the Fatfish (ASX:FFG) share price is diving 21% today appeared first on The Motley Fool Australia.

With no fresh news from the company, let's look at what else may have lit the Fatfish share price on fire today.

What's been happening lately?

Yesterday, we rang in that the Fatfish share price jumped 74%. The price spike came after Fatfish investee iCandy Interactive Ltd (ASX: ICI) announced the conditional sale of iCandy Digital to Rightbridge Ventures for $4.8 million.

The transaction does not drive any material change to Fatfish's interest in iCandy, so it's not necessarily a share price mover.

The company maintains that its share price rally has been set off by the buy now, pay later (BNPL) frenzy that the market's witnessed lately via companies like Afterpay Ltd (ASX: APT) and Zip Co Ltd (ASX: Z1P).

Both the Afterpay and Zip Co share prices have more than doubled in the past 6-month period.

Investors will likely be keeping an eye on the Fatfish share price on Thursday, 18 February 2021, when the company officially launches its new Smartfunding BNPL service.

Fatfish share price flies following Bitcoin boom

Since last Wednesday, when we talked about how Fatfish is invested in Bitcoin, shares in the company have leapt around 560%.

Fatfish is exposed to Bitcoin via interests through its Sweden-based subsidiary company, Abelco Investment Group AB.

These investments include crypto mining company Minerium and the digital assets platform provider Kyptos-X.

Fatfish CEO Kin Wai Lau is scheduled for an interview later this week on the InvestorStream program. He will discuss the cryptocurrency price trend and the company's impending transaction with Abelco Investment Group via the InvestorStream program.

Over the past 12 months, the Fatfish share price has smashed more than 920% higher.

The post The Fatfish (ASX:FFG) share price has exploded 155% higher today appeared first on The Motley Fool Australia.

The company received a speeding ticket and was placed in an enforced trading halt late on Friday but resumed trading at 12:13 pm today to continue its recent run.

Why is the Fatfish share price flying?

The Fatfish share price is skyrocketing today as the company released its response to the ASX price query.

Fatfish was asked if it was aware of any information that may be driving the share price up, to which it responded that it was not. However it did note the recent announcement by iCandy regarding the sale of a subsidiary.

Moreover, Fatfish suggested the strong recent rise in its share price may be as a result of the recent strong performance of buy now, pay later (BNPL) shares generally. For example, both IOUpay Ltd (ASX: IOU) and Zip Co Ltd (ASX: Z1P) shares have been storming higher in recent sessions. To this point, on 3 February, Fatfish announced that its Singaporean based investee company, Smartfunding, had completed the development of its online BNPL platform. It launches on 13 February.

iCandy sale

As mentioned, also announced today was the sale of iCandy Digital for $4.8 million to Rightbridge Ventures. This is noteworthy as Fatfish has a 50.1% ownership of the company through its interest in Abelco Investments Group. Complicated as it is, Fatfish also has a 33% interest in iCandy.

However, as the transaction does not result in any material change in Fatfish' interest in iCandy, the information should theoretically have no material effect on the Fatfish share price. 

Rightbridge is a Swedish company that is looking to execute an initial public offering (IPO) in 2021. Its core business is investing in companies that shape the future of e-sports and videogames as part of the global digital entertainment industry.

When the transaction is complete, Fatfish will become a major shareholder in the listed shares of Rightbridge. It's worth noting, the deal still requires shareholder approval.

About the Fatfish share price

Fatfish is a global tech venture investment and development firm. It partners with entrepreneurs to help them build and grow internet businesses via a co-entrepreneurship model. Among the company's investments is, as mentioned, Abelco, which is invested in the cryptocurrency and blockchain ventures Minerium and Kryptos-X.

The Fatfish share price is up a remarkable 820% in the last year.

The post Why the Fatfish (ASX:FFG) share price is up 74% today appeared first on The Motley Fool Australia.

Strategic partnership

In today's release, iCandy advised that it has entered a game publishing agreement with Ohayoo to localise, market and publish the Masketeers game.

Ohayoo is a Chinese leading game publisher that further develops international hits for the domestic market. In addition, the company runs effective marketing campaigns to capture consumer appeal. In the last 18 months, Ohayoo reached more than 500 million game downloads.

This makes the game publishing company one of the fastest growing mobile game platforms in China.

Terms of the deal

Under the agreement, iCandy will allow Ohayoo to localise, publish and market Masketeers in mainland China for 3 years. The game will be available on both iOS and Android platforms, as well as third party app stores in China.

As payment, iCandy will receive a portion of the revenue generated by the Masketeers game. The commercial arrangement stipulates that 15% to 35% of revenue will handed on to iCandy.

Just recently, Masketeers reached a record revenue of $1 million in 63 days, highlighting the popularity of the game.

Addressable market

In 2019 alone, China recorded over US$36.5 billion in gaming revenue. Since then, industry consensus is that China has eclipsed the United States as the world's largest gaming market.

iCandy's growth strategy is to win the Chinese mobile game market through its strategic partnership. Forecasts predict that by 2023, China's mobile game segment is expected to reach 497 million users.

What did management say?

Commenting  on the partnership agreement, iCandy chair Kin W Lau said:

iCandy is entering an exciting growth phase. We are absolutely thrilled and honoured to partner with Ohayoo. The Chinese gaming market is a new strategic market for iCandy at our growth phase, as it is the world's largest gaming market now.

This partnership with Ohayoo puts us in a very enviable position, on the fastest track possible to enter the gaming market of China, getting exposure to a large part of the Chinese online community almost immediately.

About the iCandy share price

The iCandy share price has fallen heavily since its meteoric rise back in early October, down 44% from its all-time high of 23.5 cents. However, the company's shares reached a low of 1.1 cents in March, so that's a 1082% increase even after today's decline.

The post iCandy (ASX:ICI) share price falls 4% despite positive update appeared first on The Motley Fool Australia.

Shares in the online gaming developer have also soared in recent months, gaining 700% since the start of September.

What happened?

Just after market open this morning, iCandy announced that its "smash-hit" game Masketeers has reached the milestone level of revenue. In the process, the game has also become the fastest in iCandy's history to reach the $1 million mark, taking only 63 days.

This easily surpassed the 9 month record the company's previous game took to reach the same level.

Financial boost

It's worth noting that the Masketeers revenue was not reflected in the company's most recent half yearly report and will be added to iCandy's next full year report. This is relevant as the company is now on target to smash past its previous annual revenue total of $2.2 million. As of its most recent half yearly report, iCandy's revenue stood at $1.03 million. In today's update the company advised that:

As such iCandy's half-year revenues and Masketeer's revenues for its current financial year would surpass prior financial year's revenues, before revenues from other games in the second half of the current financial year.

What now for the iCandy share price?

With Masketeers currently only available in English, iCandy is aiming to continue its success by translating the game into more languages. Masketeers is currently available in over 70 countries.

To this end, the company will continue with its plans to role out the game into China as management sees this market as particularly lucrative. China recorded over US$36.5 billion in gaming revenue in 2019.

Furthermore, with COVID-19 providing structural tailwinds (more people staying home), the company plans to double marketing spend to capitalise on arising opportunities.

It will be interesting to watch how the iCandy share price performs as the company's expansion plans roll out.

The post Why the iCandy (ASX:ICI) share price is surging 7% appeared first on The Motley Fool Australia.

What does iCandy do?

iCandy develops and publishes mobile games and digital entertainment for a global audience. The Australian company's diverse portfolio of award-winning mobile games is played by more than 350 million people. The company has won multiple awards in various coveted international events.

iCandy shares first began trading on the ASX in February 2016. The company has a market cap of $30 million.

Partnership update

The iCandy share price is storming higher after the company released an operational update on its strategic collaboration with 9Games, a unit of Alibaba Digital Media and Entertainment Business Group. iCandy reported that 9Games had applied to register iCandy's hit music game Groove Planet for the People's Republic of China (PRC).

An application is required because all online games need an International Standard Book Number (ISBN) which Chinese regulators have to approve before a product can be listed in Chinese app stores. The ISBN application in China involves several government bureaucracies. It's a stringent process that now limits the number of game titles allowed in the lucrative Chinese game market.

Groove Planet is the first among 6 games that iCandy has identified for China. Other games will be put into the regulatory application process at a later date. 

So what does it mean?

China recorded more than US$36.5 billion in gaming revenue in 2019, placing it just behind the US as the world's largest gaming market. According to Marketing to China, the mobile game segment is expected to reach 496.8 million users by 2023. Thus showing the potential the partnership has to offer and why investors are so excited.

The completion of documentation reflects an exciting opportunity for the Australian small-cap, and the iCandy share price has exploded today as a result. However, it must be noted that iCandy still must receive approval by Chinese regulators in order to reach China's highly coveted app stores.

The post iCandy (ASX:ICI) share price soaring on partnership with Alibaba appeared first on The Motley Fool Australia.

The small-cap video game developer's share price has been rocketing higher since 10 September. It surged again last week after announcing a $1.25 million capital raising (before costs) of 62,500,000 new fully paid ordinary shares.

Investor interest has seen iCandy Interactive's share price leap up 190% since 10 September.

Year-to-date the share price is up 83%. By comparison the All Ordinaries Index (ASX: XAO) is down 12%.

What does iCandy Interactive do?

iCandy Interactive develops and publishes mobile games and digital entertainment for audiences across the world. The company's diverse portfolio of award winning mobile games is played by more than 350 million people. It aims to bring together the best game producers across the Asia Pacific region to, you guessed it, make great games.

iCandy shares first began trading on the ASX in February 2016. The company has a market cap of $25 million.

What's with a second capital raising?

Less than a week ago, on 15 September, iCandy announced it had raised $1.25 million at 2 cents per share. The placement was heavily over-subscribed, with more than $5 million bid for shares from a variety of funds, sophisticated investors and existing shareholders.

With that level of investor interest, the company launched a second capital raising, with the results announced today.

The company said it had completed the additional capital raising of $1.2 million at 4.5 cents per share. That's 125% higher than the 2 cents per share of its capital raising last week.

Shares were placed to Acorn Managed Investments, led by Joseph Sedmak.

Sedmak is focused on digital marketing strategies and initiatives. The company will work with him to boost its digital marketing capabilities, particularly in North America, the largest market for its games. iCandy said it would also use the new funds to accelerate the roll-out of its new games.

With e-sports one of the few 'sports' that's managed to escape a major blow from the coronavirus pandemic, the iCandy share price is one to watch.

The post Why the iCandy (ASX: ICI) share price is on a wild ride appeared first on The Motley Fool Australia.