IPO Update: 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 IPO Market Outlook 2026: Sentiment Softens Amid Global Tensions

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.

PlaySimple IPO Structure: MTG to Sell Stake, No Fresh Issue

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.

What is PlaySimple: Games Portfolio and Acquisition by MTG

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.

Mobile Gaming Market Growth: $200 Billion Opportunity by 2030

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 Financials: Profit Drops 31% Despite Revenue Growth

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.

IPO Timeline and Valuation: MTG Eyes $450 Million Raise

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.

IPO Lead Managers: Axis Capital, JPMorgan, Morgan Stanley

Axis Capital, JPMorgan, and Morgan Stanley are managing the IPO.

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(With inputs from Reuters)