Blackstone’s AGS Health Pursues $500 Million IPO in India, ETHealthworld
Bengaluru: Blackstone-owned AGS Health on Friday filed updated draft papers for a 48-billion-rupee ($504 million) initial public offering in India, nearly two months after securing the markets regulator’s approval for a listing.
The IPO consists of a fresh issue of shares worth up to 18 billion rupees, and Blackstone selling shares worth up to 30 billion rupees.
AGS Health had confidentially filed for an IPO with the Securities and Exchange Board of India (SEBI) in April, with the proposed listing valuing the company at about $3 billion, Bloomberg News had reported.
The confidential route allows companies to submit draft papers with the regulator for feedback without making the details public, giving them greater flexibility on timing and disclosure.
The company is a revenue cycle management (RCM) provider that helps U.S. hospitals and healthcare providers manage billing, insurance claims and payments.
For the year ended March 31, AGS Health posted a profit of 2.07 billion rupees and a revenue of 20.41 billion rupees, draft papers showed.
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