Jagat Joshi
AGS Health, a leading healthcare technology and services provider, has submitted its Updated Draft Red Herring Prospectus (UDRHP) to the market regulator SEBI on August 7 to raise ?4,800 crore via an Initial Public Offering (IPO).
As per the draft papers, the firm is planning to raise ?1,800 crore via a fresh issue and the remaining ?3,000 crore via an Offer-for-Sale (OFS) component by its investment holding company Backstone Group.
AGS Health may also plan to raise ?360 crore via a pre-IPO placement. If the pre-round takes place, the fund of ?360 crore will be reduced from the fresh issue.
The firm filed its DRHP via a confidential route around March-April 2026 and received SEBI approval in June 2026.
The proceeds of ?1,600 crore raised from the fresh issue will be used towards repayment of debt of its indirect subsidiaries, AGS Health BCP LLC and AGS Health BCP Holdings, Inc. The remaining funds will be used for general corporate purposes. Moreover, as of March 2026, the firm has outstanding borrowings of ?4,238.8 crore.
AGS Health provides healthcare technologies and Revenue Cycle Management (RCM) services, which include Patient Access Services, HIM and Clinical services, and Patient Financial Services for Hospitals and Health Systems, Provider Groups, Management Service Organizations (MSOs), and Ancillary Service Providers. Its services help healthcare providers manage the financial/administrative side of healthcare.
So far, the firm has served 82 health systems and hospital customers, including 11 of the top 20 hospitals in the US, including Baylor Scott & White Health, Barton Health, Curana Health, Duke Health, National Seating & Mobility, Renown Health, St. Joseph’s Health, ApolloMD, and Sharp HealthCare.
The book-running lead managers to the issue are ICICI Securities, Jefferies India, JM Financial, J.P. Morgan India, and Nomura Financial Advisory and Securities (India)
Financially, in FY26, AGS Health reported a consolidated revenue of ?2,041.4 crore and a profit of ?206.9 crore.
AGS Health IPO Prospectus:
| DRHP Draft Prospectus: | Click Here |
| RHP Draft Prospectus: | To be Updated Soon |
AGS Health Company Financial Report
Amount ? in Crores
| Period Ended | Revenue | Expense | Profit After Tax |
| 2024 (Standalone) | ?997.01 | ?833.55 | ?115.64 |
| 2025 (Standalone) | ?1212.63 | ?946.51 | ?142.93 |
| 2026 (Consolidated) | ?2091.08 | ?1642.04 | ?206.95 |
AGS Health IPO Valuation – FY2026
AGS Health IPO valuations detail like Earning Per Share (EPS), Price/Earning P/E Ratio, Return on Net Worth (RoNW), and Net Asset Value (NAV) details.
| Earning Per Share (EPS): | ?6.30 (Basic) |
| Price/Earning P/E Ratio: | N/A |
| Return on Net Worth (RoNW): | 4.55% |
| Net Asset Value (NAV): | ?116.96 |
Peer Group Comparison
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
| Inventurous Knowledge Solutions Ltd | 43.12 | 44.43 | 25.77 | 163.21 | 3193.79 Cr. |
IPO Lead Managers aka Merchant Bankers
- JM Financial Ltd.
- Jefferies India Pvt. Ltd.
- ICICI Securities Ltd.
- JP Morgan India Pvt. Ltd.
- Nomura Financial Advisory & Securities (India) Pvt. Ltd.
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