Modern Times Group Eyes $450 Million IPO for Indian Gaming Subsidiary PlaySimple
Modern Times Group (MTG) is exploring a $450 million initial public offering for its Indian subsidiary, PlaySimple, on the Mumbai stock exchange. PlaySimple, a mobile game developer specializing in word games, reported $213.50 million in revenue and $59.00 million in profit for 2022. The company is conducting an IPO preparedness study and discussing potential advisory roles with financial institutions. This listing could be significant for India's tech and gaming sectors, as India has become the world's third-largest IPO market this year.
*this image is generated using AI for illustrative purposes only.
Swedish entertainment company Modern Times Group (MTG) is considering a $450 million initial public offering (IPO) for its Indian subsidiary, PlaySimple. The mobile game developer, known for word games, may list on the Mumbai stock exchange, potentially marking a significant milestone in India's tech and gaming sectors.
PlaySimple: A Rising Star in Mobile Gaming
PlaySimple, founded in 2014 and headquartered in Bengaluru, has established itself as a prominent player in the mobile gaming industry. The company specializes in developing word games, with titles such as Daily Themed Crossword and Word Bingo in its portfolio. Modern Times Group acquired PlaySimple in 2021 for $360 million.
Potential IPO Details and Financial Performance
The proposed IPO is currently in the preparatory stages. Here's a breakdown of the key details:
| Aspect | Details |
|---|---|
| IPO Size | $450 million |
| Listing Venue | Mumbai Stock Exchange |
| 2022 Revenue | $213.50 million |
| 2022 Profit | $59.00 million |
PlaySimple is conducting an IPO preparedness study and is in discussions with financial institutions such as Axis Capital, Morgan Stanley, and JP Morgan for potential advisory roles.
India's IPO Market
The planned listing of PlaySimple comes as India has emerged as the world's third-largest IPO market this year, with companies raising over $16 billion through public listings.
Potential Implications for the Indian Gaming Industry
If successful, PlaySimple's listing could have implications for India's gaming sector. As one of the first major gaming companies to go public in India, PlaySimple's IPO could potentially open doors for other gaming startups to access capital markets.
MTG's decision to consider listing PlaySimple in Mumbai, rather than on international exchanges, may highlight the appeal of Indian capital markets for tech companies.
As the IPO preparations progress, investors and industry watchers will likely monitor how PlaySimple positions itself in the mobile gaming landscape and how it plans to utilize any capital raised from a potential public offering.
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