Puzzle & Dragons Maker GungHo Reaches $15 Billion Market Cap, Now Worth More Than Nintendo

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Dr. Serkan Toto is a gaming expert and independent consultant based in Tokyo. You can follow him on Twitter and his blog. This article is republished with his permission.

I’ll say it again: if there is one mobile game out there right now that people in Japan will remember in 10 years, it’s Puzzle and Dragons.

The game, which boasts 13 million registered users in this country (10 percent of the population), has generated US$113 million in sales in April.

Since late last year, maker GungHo’s market cap at the Osaka Stock Exchange kept rising and rising – to about $10 billion – to the point that the company is worth more than Mobage operator DeNA, GREE, and Zynga combined.


The Korean version of GungHo’s money-raking game.

And today, GungHo (3765.OS) shares jumped limit-up by 300,000 yen to 1,342,000 yen (up 28.8 percent) in just a few minutes of trading, until the stock was bid-only.

As a consequence, the company’s market cap now reached 1.54 trillion yen, which translates to $15.1 billion. With this number, GungHo topped Nintendo’s market cap of US$1.53 trillion yen (or US$15.0 billion).

The US$15.1 billion market cap is also higher than that of Nikon, Fujitsu, Isuzu, Sanyo, All Nippon Airways, Sharp, or Mitsubishi Motors.

It’s a new world we live in.

Other market caps (Monday, May 13 at 11:30am JST):

  • GREE: $2.8 billion
  • DeNA: $3.6 billion
  • Zynga at $2.6 billion
  • Electronic Arts: $6.7 billion
  • Activision Blizzard: $16.7 billion

GungHo’s new owner SoftBank can be very happy.

(And yes, we're serious about ethics and transparency. More information here.)

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