New Delhi, April 1 -- A year after it acquired AGS Health from EQT in a billion-dollar transaction, global private equity firm Blackstone has hired bankers to plan a listing for the company at three times the buy value, three people with knowledge of the development said. The company, which is now being valued upwards of $3 billion, will look to raise around $500 million from the public market listing, these people added. AGS, which provides a host of services, including medical billing, claim submission, denial management and medical coding, has appointed investment banks JM Financial, Jefferies, ICICI Securities, Nomura and JP Morgan India and others for the IPO. "It will be a mix of primary plus secondary share sale," said one of the people cited above. The company, which is 100% owned by Blackstone, is likely to sell a 10-15% stake through the offering. "The company will look at a confidential filing by the end of April or May," a second person cited above said. The potential offer comes amid a cooling IPO market, in which big offers have failed to generate listing gains for selling shareholders since January. Many companies have now delayed their public offerings by at least a few months, including payment firms, private equity-backed quick-commerce firms, and hospitality brands, Mint reported on 25 March. AGS works with healthcare providers and insurance companies to help increase profitability, scalability, and compliance. EQT, formerly Barings Private Equity Asia, acquired AGS in 2019 for $320 million. It then sold it to Blackstone in a billion-dollar deal in 2025. A Blackstone spokesperson declined to comment on Mint's emailed queries on Monday. The global healthcare revenue cycle management (RCM) software market presents a $55.13 billion growth opportunity over the next four years. According to a report by market research and advisory firm Technavio, the healthcare RCM market is expected to expand at a compound annual growth rate (CAGR) of 12.6% from 2025 to 2030. North America is estimated to contribute 60.1% of this growth. The proliferation of agentic AI and autonomous coding workflows will drive the healthcare RCM software market further, the report added. AGS is poised to benefit well from this industry boom. The firm employs 12,000 RCM experts who directly support more than 150 customers across care settings and specialties, including nearly 50% of the 20 most prominent US hospitals and 40% of the nation's 10 largest health systems, according to the company's website. The firm's IPO will be Blackstone's second major development in the healthcare space this year, after the buyout firm moved one step closer to becoming the largest shareholder in a $7 billion healthcare giant after the merger of Aster DM Healthcare India Ltd and Quality Care India Ltd....