Finance
Sweden's Modern Times Says India Unit PlaySimple Files for IPO
Published by Global Banking & Finance Review®
Posted on April 23, 2026
2 min readLast updated: April 23, 2026
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Quick Summary
Modern Times Group (MTG) has announced that its India-based mobile games subsidiary PlaySimple has officially filed for an initial public offering (IPO) in India, marking a major strategic step for the Swedish entertainment firm.
Sweden's Modern Times unit PlaySimple files for $335 million India IPO
PlaySimple's IPO Filing and Market Context
April 23 (Reuters) - 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's IPO Market Landscape
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.
Ownership Structure and IPO Details
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.
About PlaySimple and Modern Times
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 Games Market Growth
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.
Financial Performance and IPO Management
PlaySimple's Recent Financials
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.
Previous IPO Reports
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 Managers and Additional Details
Axis Capital, JPMorgan and Morgan Stanley are managing the IPO.
($1 = 94.1000 Indian rupees)
(Reporting by Gursimran Kaur in Bengaluru; Editing by Maju Samuel)
Key Takeaways
- •PlaySimple, acquired by MTG in 2021 for $360 million, filed for an IPO in India as confirmed by MTG on April 23, 2026 (techcrunch.com)
- •MTG completed a pre‑IPO study for PlaySimple and has now appointed advisors to prepare for a potential listing in 2026 (cdn.financialreports.eu)
- •The proposed IPO reflects a broader trend of global companies listing Indian subsidiaries amid a robust IPO market, with advisory talks involving Axis Capital, Morgan Stanley and JPMorgan (finance.yahoo.com)
References
Frequently Asked Questions about Sweden's Modern Times says India unit PlaySimple files for IPO
1Which company has filed for an IPO in India?
PlaySimple, the Indian game developer unit of Sweden's Modern Times Group, has filed for an IPO in India.
2Who owns PlaySimple?
PlaySimple is owned by the Swedish entertainment company Modern Times Group.
3Where was the announcement about PlaySimple's IPO made?
The announcement was made by Modern Times Group, as reported on April 23.
4What industry is PlaySimple a part of?
PlaySimple operates in the game development and entertainment industry.