Blackstone’s AGS Health files updated draft papers for $500 million India IPO

BENGALURU, Aug 7 (Reuters) – 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.

($1 = 95.2075 Indian rupees)

(Reporting by Nishit Navin; Editing by Shailesh Kuber)