Blackstone is said to plan $500 million India IPO for AGS Health

Blackstone Inc. has begun discussions with investment banks about a potential initial public offering of its AGS Health Pvt. unit in Mumbai to raise as much as $500 million, according to people familiar with the matter.

The private equity firm has held initial talks with bankers in recent weeks and is expected to appoint advisers soon, the people said, asking not to be identified because the deliberations are private. The proposed IPO is expected to include a mix of primary shares and secondary sales by existing investors, the people said.

Blackstone is seeking a valuation of as much as $3 billion for AGS Health and aims to file a draft prospectus in the coming months, one person said.

Talks are at an early stage and details including the size of the offering might change, the people said. A representative for Blackstone declined to comment.

After two years of record proceeds, India’s primary market has struggled in 2026, dented by a sharp decline in stocks — the Sensex Index is down more than 15%. Still, health care has been a bright spot: Manipal Health Enterprises filed last week for what could be the biggest listing by an Indian hospital operator, while General Atlantic-backed ASG Hospital Pvt is also planning a share sale. China’s Aier Eye Hospital Group Co. is considering a listing in Hong Kong.

Blackstone acquired AGS Health in 2025 from Stockholm-based EQT AB, which inherited the asset through its 2022 acquisition of Baring Private Equity Asia.

Founded in Chennai in 2011, AGS Health provides billing, coding and analytics services to large US health-care organizations. The company relocated its headquarters to Washington, DC, expanded into the Philippines in 2023 and now employs more than 12,000 people serving over 150 clients, its website shows.