PlaySimple Files for $335 Million IPO in India as MTG Eyes Growth in Gaming Market

Sweden-based Modern Times Group has announced that its Indian gaming subsidiary PlaySimple has filed for an initial public offering (IPO) in Mumbai, aiming to raise up to ₹31.5 billion (about $335 million). The parent company plans to sell a portion of its stake while retaining majority ownership after the listing. Notably, PlaySimple itself will not issue new shares, meaning it will not receive direct proceeds from the offering.

Founded in 2014 and headquartered in Bengaluru, PlaySimple is known for mobile word games like Daily Themed Crossword and Word Bingo, competing with titles such as Wordle by The New York Times. MTG acquired the company in 2021 for $360 million and continues to expand its footprint in the global gaming market, where it also publishes popular titles like RAID: Shadow Legends.

The IPO comes at a time when India, once the world’s second-largest IPO market in 2025, is witnessing softer investor sentiment in 2026 due to global uncertainties. Despite this, major listings—including those expected from Jio Platforms and National Stock Exchange of India—are still anticipated. PlaySimple reported a 20% rise in revenue but a 31% drop in profit due to higher advertising and sales expenses. The IPO is being managed by Axis Capital, JPMorgan, and Morgan Stanley.