Blackstone Inc is in early discussions with investment banks about a potential initial public offering for its AGS Health unit in Mumbai, aiming to raise up to $500m, according to a report by Bloomberg citing unnamed sources familiar with the matter.
The IPO is expected to feature both primary shares and secondary sales from existing investors. Blackstone is reportedly targeting a valuation of around $3bn for AGS Health and plans to file a draft prospectus in the coming months, though details remain subject to change.
AGS Health, founded in Chennai in 2011, provides billing, coding, and analytics services for major US healthcare providers. Since Blackstone’s acquisition in 2025 from EQT AB, which had obtained the company via Baring Private Equity Asia in 2022, AGS has expanded operations to the Philippines and moved its headquarters to Washington, DC. The firm now employs more than 12,000 staff and serves over 150 clients globally.
