PlaySimple Games Files For ₹3,150 Crore IPO

By Kotak News Desk
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24 Apr 2026 at 12:10 PM IST
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Market News
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Summary

PlaySimple Games has filed for a ₹3,150 crore initial public offering, entirely an offer for sale by parent Modern Times Group. Revenue grew 20% in FY25 but net profit fell 31%.

Bengaluru-based mobile games company PlaySimple Games, a wholly owned subsidiary of Swedish entertainment group Modern Times Group (MTG), has filed a draft red herring prospectus (DHRP) with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO) worth up to ₹3,150 crore, according to filings submitted on 23 April.

IPO Structure At A Glance

Total IPO size: ₹3,150 crore (approximately $334.75 million).
Issue type: Entirely an offer for sale, no fresh issue.
Selling shareholder: MTGx Gaming Holding AB.
Modern Times Group stake post-listing: Majority retained.
Exchange: Proposed listing on Indian stock exchanges.

About The Company

Founded in 2014 and headquartered in Bengaluru, with subsidiaries in Israel and Singapore, PlaySimple operates a portfolio of 30 live casual mobile games across five categories. The company claims to be India's largest pure-play casual mobile games company by revenue for the financial year ended March 2025.

Globally, PlaySimple ranked first in mobile word game downloads in 2025, accounting for roughly 14% of 731 million global word game downloads. Daily active users were at 4.99 million as of December 2025. Total app downloads for the year hit 15.02 crore, more than twice the 7.15 crore from the year before.

Modern Times Group acquired PlaySimple in 2021 for $360 million.

Financial Performance

The financials are where it gets complicated. Revenue from operations climbed 20.4% to ₹2,259.82 crore in the financial year ended March 2025, up from ₹1,876.86 crore. But net profit went the other way, dropping 31.1% to ₹359.03 crore from ₹521.19 crore. The culprit was a sharp rise in advertising spend and sales commissions, which ate into margins even as the top line grew.

Also Read - IEX Q4 Results: Profit Edges Up 11%, Revenue Up 13% As Electricity Volumes Hit Record Levels

Market Context

The global mobile games market, excluding China, can grow steadily over the next few years. It may expand at about 6% each year from 2025 to 2030. The market size could reach around $181 billion to $200 billion by then.

India ranked as the second-largest IPO market in 2025. The mood, however, looks weaker in 2026. Ongoing tensions in the Middle East have affected sentiment.

Sources:

Moneycontrol

Reuters

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