Blackstone Inc. is considering launching an initial public offering (IPO) of its subsidiary AGS Health Pvt. Ltd. in India, with plans to raise up to $500 million, according to sources familiar with the matter.
The private equity firm has initiated early discussions with investment banks and is expected to appoint advisers soon. The proposed IPO may consist of a mix of fresh share issuance and stake sales by existing investors. Blackstone is targeting a valuation of up to $3 billion for AGS Health and could file draft IPO papers in the coming months.
The discussions are still at a preliminary stage, and details such as the size and structure of the offering may evolve. Blackstone has declined to comment.
India’s IPO market has faced challenges in 2026 amid a broader market downturn, with the Sensex declining more than 15%. However, the healthcare sector remains relatively strong, with firms like Manipal Health Enterprises and ASG Hospital Pvt. Ltd. also planning listings.
Blackstone acquired AGS Health in 2025 from EQT AB, which had previously obtained the asset through its acquisition of Baring Private Equity Asia in 2022.
Founded in Chennai in 2011, AGS Health provides revenue cycle management services including billing, coding, and analytics to large US healthcare organizations. The company later moved its headquarters to Washington, DC, expanded into the Philippines in 2023, and now employs over 12,000 people, serving more than 150 clients globally.