Swedish gaming giant Modern Times Group (MTG) is moving forward with an Initial Public Offering (IPO) for its Indian subsidiary, PlaySimple Games. The Rs 3,150 crore offering, entirely an Offer For Sale, will benefit MTG as the selling shareholder. MTG aims to retain majority ownership post-IPO.

PlaySimple Games Eyes IPO: A Bold Move by MTG's Indian Arm

Modern Times Group (MTG), a prominent Swedish gaming company, announced on Friday that its Indian subsidiary, PlaySimple Games, has filed draft papers to proceed with an Initial Public Offering (IPO) amounting to Rs 3,150 crore. The IPO will be an Offer For Sale (OFS), with MTG as the promoter and selling shareholder.

As detailed in the draft papers submitted on Thursday, MTG will benefit from the proceeds rather than PlaySimple. The offer size is projected to be around Rs 3,150 crore, equivalent to about USD 350 million, though it might vary within permitted limits. The final size will be determined as the offer date approaches. Nonetheless, MTG plans to maintain a majority ownership after the IPO's conclusion.

MTG is an internationally recognized gaming corporation headquartered in Sweden, focusing on casual and mid-core game segments. Its shares trade on Nasdaq Stockholm. PlaySimple, founded in 2014, specializes in casual mobile games and has grown to become a key player in word games, offering over 30 live puzzle titles in more than 110 countries worldwide, with popular games like Word Search Explorer and Word Jam.