Bengaluru-based PlaySimple Games has filed draft papers with the Securities and Exchange Board of India (SEBI) to raise up to Rs 3,150 crore through an initial public offering (IPO).
The proposed issue will be entirely an offer for sale (OFS) by MTGx Gaming Holding AB, a subsidiary of Sweden-based Modern Times Group MTG AB.
As a result, the proceeds from the offering will go to the selling shareholder rather than the company itself. PlaySimple's shares are expected to be listed on the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE).
The final size of the offering may vary and will be determined closer to the launch date, which has not yet been announced. Half of the issue has been reserved for qualified institutional buyers, while 35% will be allocated to retail investors and 15% to non-institutional investors.
Axis Capital, JP Morgan India and Morgan Stanley India have been appointed as lead managers, with MUFG Intime India acting as registrar.
Founded in 2014, PlaySimple develops casual mobile games and operates a portfolio of 30 live titles across categories including word games and puzzles.
Popular titles include Word Search Explorer, Daily Themed Crossword and Word Trip. Its games are available in more than 110 countries, spanning North America, Europe and Asia.
According to the draft red herring prospectus (DRHP), PlaySimple ranked first globally in mobile word games by downloads in 2025, accounting for around 14% of the 731 million downloads in the category during the year. Its flagship title, Word Search Explorer, topped download rankings in 68 countries, the startup said.
The startup reported approximately 4.99 million daily active users as of 31 December 2025, with cumulative downloads of 424.61 million since 2015. Total downloads rose to 15.02 crore in the 2025 financial year, compared with 7.15 crore the previous year.
Financially, revenue increased to Rs 2,259.82 crore in FY25 from Rs 1,876.86 crore a year earlier. However, net profit declined to Rs 359.03 crore from Rs 521.19 crore.
'We are a highly data-focused company and continue to innovate and experiment with user acquisition and monetisation techniques to target a positive lifetime value to cost per installation ratio,' PlaySimple said.
The startup was acquired by MTG for more than $360 million in 2021 and is currently led by Yoav Ecker as managing director and CEO. None of the original founders remain with the business.
MTGx Gaming Holding AB holds more than 97% of PlaySimple before the IPO, while parent company MTG has said it intends to remain a majority owner after the offer.