AGS Health, owned by Blackstone, files for a 48 billion rupee IPO in India, combining new shares and secondary sales as it aims for a valuation around $3 billion, following regulatory approval and strong financials.
Blackstone-owned AGS Health has filed updated draft papers for a 48 billion rupee ($504 million) initial public offering in India, moving the healthcare services company a step closer to listing after receiving regulatory approval about two months ago, according to Reuters. The proposed deal combines a fresh issue of shares worth up to 18 billion rupees with secondary sales of up to 30 billion rupees by Blackstone.
The filing follows an earlier confidential submission to the Securities and Exchange Board of India in April, when the company was reported to be seeking a valuation of about $3 billion. The confidential route allows companies to share draft documents with regulators before making details public, giving them more flexibility over timing and disclosure, Reuters said.
AGS Health provides revenue cycle management services for US hospitals and other healthcare providers, handling billing, insurance claims and payments. Bloomberg reported in April that Blackstone had been working with banks on the offering, while Livemint said the private equity firm is seeking to list the business at roughly twice the value of its acquisition from EQT.
The draft papers showed that AGS Health recorded a profit of 2.07 billion rupees and revenue of 20.41 billion rupees for the year ended March 31. Bloomberg said the deal is expected to include both primary issuance and secondary sales, with JM Financial, Jefferies, ICICI Securities, JP Morgan and Nomura involved in the transaction.
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