Paysimple Games Files ₹3,150 Crore IPO Papers With SEBI, MTGx To Exit Stake

Paysimple Games Ltd has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise ₹3,150 crore through an initial public offering, with the entire issue structured as an offer for sale by promoter MTGx Gaming Holding AB, according to the filing.

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MTGx Gaming Holding AB currently holds over 97% stake in the company and will offload shares as part of the IPO.

Issue Structure And Lead Managers

The IPO does not include any fresh issue of shares and is entirely an offer for sale, meaning the proceeds will go to the selling shareholder, as per the DRHP.

Axis Capital, JP Morgan, and Morgan Stanley have been appointed as the book-running lead managers for the issue.

Business Operations And Market Position

Paysimple Games operates in the casual mobile gaming segment and is classified as a global mobile entertainment company based in India. It was the largest Indian pure-play casual mobile gaming firm in FY2025, based on figures provided by Sensor Tower quoted in the DRHP.

In terms of mobile word games, it was the top global firm in terms of downloads in CY2025, and it was at the forefront of 78 countries in that year. The firm represented around 14% of the total downloads of word games in the global market, which stood at 731 million.

As of December 31, 2025, the firm offered a range of 30 active games in various forms, such as search, crossword, anagram, and puzzles.

User Metrics And Global Presence

As per the DRHP, Paysimple Games had about 4.99 million DAUs as of December 31, 2025, in various regions like North America, Europe, and Asia.

One of the company's popular titles of the company, Word Search Explorer, was ranked number one in word games in 68 countries based on downloads in 2025, having an average of 1.96 million daily active users.

During the period from January 1, 2015, to December 31, 2025, it had 424.61 million cumulative downloads, along with a presence in more than 110 countries in 2025.

Financial Performance

Paysimple Games reported revenue of ₹2,259.82 crore in FY25, compared to ₹1,876.86 crore in the previous financial year, according to the DRHP.

Net profit declined to ₹359.03 crore in FY25 from ₹521.19 crore in FY24. Total app downloads during FY25 stood at 15.02 crore, compared to 7.15 crore in the previous year.

The company stated that its operations are supported by its in-house technology platform, ‘Little Engine’, which is used to optimise game development and monetisation processes.

The filing puts the company in the IPO pipeline, but it still needs to get permission from regulators and the market before moving forward