Bengaluru-based mobile gaming giant PlaySimple Games officially filed its Draft Red Herring Prospectus (DRHP) with SEBI on Thursday, April 23, 2026, for an Initial Public Offering (IPO) worth ₹3,150 crore.
The company, known for global hits like Word Trip and Word Search Explorer, is the largest “pure-play” casual mobile gaming firm in India by revenue.
1. IPO Structure and Purpose
The public issue is notable for being a liquidity event for its parent company rather than a fundraising round for the business operations.
- 100% Offer for Sale (OFS): The entire ₹3,150 crore issue consists of shares sold by the existing promoter, MTGx Gaming Holding AB (a subsidiary of Sweden’s Modern Times Group).
- No Fresh Issue: PlaySimple will not receive any proceeds from the IPO. All funds will go to the selling shareholder.
- Continued Control: Despite the massive sale, Modern Times Group (MTG) has stated it intends to retain majority ownership in PlaySimple after the listing.
- Listing: The shares are proposed to be listed on both the BSE and NSE.
2. Financial Performance (FY25)
While revenue showed double-digit growth, the company’s bottom line faced pressure due to aggressive marketing and user acquisition costs.
| Metric | FY2025 (in ₹ Crore) | Growth (YoY) |
| Revenue from Operations | ₹2,259.8 | ▲ 20.4% |
| Profit After Tax (PAT) | ₹359.0 | ▼ 31.1% |
| EBITDA Margin | 20.5% | — |
- Market Share: PlaySimple held approximately 14% of the ~731 million global word game downloads in the 2025 calendar year.
- Global Reach: The company operates 30 live games across 110 countries, with a primary user base in North America and Europe.
3. Strategic Context: The “MTG” Exit
Modern Times Group acquired PlaySimple in 2021 for approximately $360 million.
- Valuation Jump: The ₹3,150 crore IPO (approx. $340–$350 million) for just a portion of the company indicates a massive valuation jump for the studio over the last five years.
- Sector Peer: PlaySimple will join Nazara Technologies as one of the few listed gaming majors in the Indian markets, providing a fresh benchmark for the country’s “content-export” tech model.
4. Key IPO Details for Investors
| Category | Information |
| Lead Managers | Axis Capital, J.P. Morgan India, Morgan Stanley India |
| Registrar | MUFG Intime India |
| Face Value | ₹1 per share |
| Price Band | To be announced (TBA) |