Swedish Gaming Firm Preps $450M IPO for Indian Subsidiary PlaySimple

In a move to capitalize on India's booming IPO market, Swedish entertainment company Modern Times Group is preparing to launch a $450 million initial public offering for its Indian game developer subsidiary PlaySimple. The Bengaluru-based PlaySimple, founded in 2014, offers popular mobile word games like Daily Themed Crossword and Word Bingo, competing with Wordle from The New York Times.

Modern Times, which acquired PlaySimple in 2021 for $360 million, has not previously reported its IPO plans for the Indian gaming firm. A company spokesperson has confirmed that Modern Times is "conducting an IPO preparedness study for PlaySimple," though details remain limited.

The planned IPO comes as several global companies have sought local listings for their Indian subsidiaries in recent months. So far this year, firms have raised more than $16 billion through IPOs in India, making it the world's third-largest IPO market. Notable examples include the local listings of Hyundai Motor and LG Electronics' Indian units, as well as the public debut of WeWork India.