Swedish entertainment company Modern Times Group said on Thursday its Indian game developer unit, PlaySimple, had filed for an initial public offering in Mumbai worth up to 31.5 billion rupees ($334.75 million).
India was the world's second‑largest IPO market in 2025 but sentiment towards IPOs has weakened this year amid conflict in the Middle East. Still, big-ticket IPOs such as Jio Platforms and National Stock Exchange are in the offing 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 not receive any 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 year 2025 and 2030 to reach $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.
