Modern Times Group confirms PlaySimple IPO filing targeting up to $335m in Mumbai

• The company will not issue new shares, meaning it will not receive any IPO proceeds.
• The listing is expected to support MTG’s future M&A ambitions in casual gaming.

Modern Times Group (MTG) has confirmed that its India-based subsidiary PlaySimple has filed for an initial public offering in Mumbai valued at up to ₹31.5 billion ($334.8 million). 

The Sweden-based parent said it will sell a portion of its stake but retain majority ownership post-listing. PlaySimple will not issue new shares and will not receive proceeds from the offering.

“As communicated in October, we conducted a pre-IPO preparedness study for PlaySimple, to evaluate, amongst other options, a potential public listing of PlaySimple in India," said MTG president Maria Redin. 

“We have now concluded that study and have proceeded to appoint advisors to prepare for a potential listing in 2026. We believe this presents a very exciting opportunity for both MTG and for PlaySimple, with a potential to accelerate our M&A ambitions in the casual gaming market. 

“We will revert to the market with further updates, as and when appropriate. As we have previously noted, we fully intend to remain the majority owner of PlaySimple for the long term." 

Market timing pressures

The move comes as IPO sentiment in India softens despite the country ranking as the world’s second-largest IPO market in 2025. 

Founded in 2014, PlaySimple develops mobile word titles such as Daily Themed Crossword and Word Bingo. MTG acquired the studio in 2021 for $360m.

Last year, MTG also completed its $620m acquisition of Raid: Shadow Legends developer Plarium from Aristocrat Leisure.