Liquidity Events
Blackstone-owned RCM firm AGS Health files updated papers for $504-M India IPO
Washington, US- and Chennai-based AGS Health , a company owned by Blackstone, has filed updated draft papers for an initial public offering in India of INR 4,800 crore (USD 504 million). The offering follows the company’s initial confidential filing with the Securities and Exchange Board of India (Sebi) in April. The transaction is structured as a fresh issue of shares worth INR 1,800 crore, with Blackstone offering to sell shares worth up to INR 3,000 crore.The company provides revenue cycle management services that assist hospitals and healthcare providers in the US with billing, insurance claims, and payment management. For the fiscal year ending March 31, the company recorded a profit of INR 207 crore and revenue of INR 2,041 crore.
Between Aug 2017 and Jul 2025, AGS Health had attracted about $1,549-M from Blackstone, EQT Private Capital Asia, Altaris Capital, MTS Investors.For FY25, AGS Health had reported about INR 1,195 Cr in Operating Income and about INR 143 Cr in PAT.
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