Sweden's Modern Times Group’s PlaySimple Files ₹31.5 Billion India IPO, Targets 2026 Listing
IPO Update, Friday, April 24, 2026: Swedish entertainment company Modern Times Group (MTG) said on Thursday, April 23, that its India-based gaming arm, PlaySimple, has filed for an initial public offering in Mumbai, aiming to raise up to ₹31.5 billion ($334.75 million).
India ranked as the world’s second-largest IPO market in 2025, though investor sentiment has softened this year amid ongoing tensions in the Middle East. Despite the cautious mood, marquee listings such as Jio Platforms and the National Stock Exchange of India are still expected to hit the market later this year.
Modern Times, which fully owns PlaySimple, is selling part of its stake in the offering and plans to remain a majority owner following the IPO. PlaySimple is not selling new shares and will receive no proceeds.
Founded in 2014, Bengaluru-based PlaySimple offers mobile word games like the Daily Themed Crossword and Word Bingo, competing with Wordle from the New York Times.
Modern Times, which offers popular mobile games such as RAID: Shadow Legends globally, acquired PlaySimple in 2021 for $360 million.
The global mobile games market, excluding China, is projected to grow at a compound annual growth rate of around 6% between calendar years 2025 and 2030, reaching $181 billion to $200 billion, PlaySimple said in its IPO filing, citing strategy consultancy firm Redseer.
PlaySimple reported a 31% drop in profit to 3.59 billion rupees for the year ended December 31, hurt by a surge in expenses primarily related to advertising and sales commissions. Revenue climbed about 20% to 22.6 billion rupees.
Reuters reported exclusively in November that Modern Times was seeking a $450 million IPO for PlaySimple, targeting a listing in the first half of 2026.
Axis Capital, JPMorgan, and Morgan Stanley are managing the IPO.
(With inputs from Reuters)
Priyanka Roshan is a business writer and assistant editor at the NewsX website who tracks everything from stock market swings and corporate earnings to personal finance trends and policy shifts. Known for turning fast-moving business developments into sharp, reader-friendly stories, she combines speed, accuracy, and a data-driven approach to break down complex financial news for everyday audiences.
With over 9.5 years of newsroom experience, Priyanka has worked with leading media organisations, including Moneycontrol, Times Now, and Ping Digital, covering diverse beats such as business, politics, technology, auto, travel, sports, and the world. From live breaking news desks to SEO-led digital storytelling, she specialises in creating engaging content that keeps readers informed without overwhelming them.
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