Swedish parent MTG is exploring a potential Indian listing in 2026, with the PlaySimple IPO, as the gaming studio reported nearly INR 1,890 crore in revenue last year.
Sweden’s Modern Times Group (MTG) is exploring an Indian listing of its mobile-gaming subsidiary PlaySimple to raise about USD 450 million (~INR 4,000 crore), people familiar with the matter said. A spokesperson for MTG said the company is conducting a PlaySimple IPO “preparedness study”, indicating early-stage work rather than a formal filing.
The prospective float would add to the steady queue of multinational parents choosing India for local-unit listings, as primary-market fundraising this year has crossed INR 1.51 lakh crore, according to IPO Central’s data centre. If cleared, the offer could come in the first half of 2026, the people added.
Founded in 2014 and based in Bengaluru, PlaySimple builds word and puzzle titles such as Daily Themed Crossword, Word Trip and Word Bingo. MTG acquired PlaySimple in 2021 in a deal valued at up to USD 360 million (~INR 3,190 crore). The studio recorded revenue of USD 213.5 million (~INR 1,894 crore) and profit of USD 59 million (~INR 523.51 crore) last year.
MTG is discussing advisory roles with Axis Capital, Morgan Stanley and JPMorgan for the potential offering. While the fundraising target has been indicated at USD 450 million (~INR 4,000 crore), a final valuation was not shared. The company has also been running a share buyback programme this quarter, pointing to an active capital allocation stance at the parent.
“We can confirm that MTG is running a PlaySimple IPO-readiness assessment; no decision has been taken on timing or structure,” an MTG spokesperson said, responding to the development. The company had earlier flagged that a pre-IPO study for a potential 2026 India listing was underway and that MTG intends to remain a long-term majority owner.
Analysts said the proposal, if pursued, would test investor appetite for pure-play gaming at scale in India’s public markets. “A domestic listing could crystallise value for a high-margin, export-heavy mobile-gaming franchise, but policy and monetisation visibility will be key to pricing,” said a Mumbai-based research analyst.
The reported plan follows a cohort of global firms tapping Indian markets through local arms in 2024–25, including names from autos and consumer durables, amid constructive liquidity and broader index gains. For MTG, whose shares trade on Nasdaq Stockholm, PlaySimple sits within a portfolio that has seen organic growth and buybacks in recent months.
PlaySimple IPO At a Glance
- Proposed issue size: ~$450 million (~INR 4,000 crore), early-stage.
- Tentative timeline: H1 CY2026, subject to approvals and market conditions.
- Banks in talks: Axis Capital, Morgan Stanley, JPMorgan.
- MTG acquired PlaySimple in 2021 for up to USD 360 million.
- MTG stance: Running a pre-IPO study; aims to retain long-term majority ownership.
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