AGS Health Ltd. IPO Details
AGS Health was incorporated on November 12, 2010. The company is a technology-first Revenue Cycle Management (RCM) solutions provider serving U.S. healthcare providers through AI-driven solutions, data analytics and specialised global delivery capabilities. It works directly with health systems, hospitals and large physician groups to optimise patient access, coding, billing and collections, helping improve revenue realisation and reduce administrative costs
| Bidding Dates |
|---|
| To Be Announced |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price Band | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| - | - | - | - | 0 | - | - | ₹66,000.0 M | DRHP DOC |
AGS Health issue details
AGS Health IPO issue size is ₹ 66,000.0 M
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers |
|---|---|---|---|
| Category Reservation | 10% | 15% | 75% |
AGS Health IMPORTANT IPO DATES
| Issue Open Date | - |
| Issue close Date | - |
| Allotment Date | - |
| Refund Date | - |
| Demat Account Credit Date | - |
| Listing Date | - |
| Listing on Exchange(s) | NSE and BSE |
AGS Health NUMBER OF SHARES ON OFFER
AGS Health FINANCIALS
| Period | Revenue from Operations (Rs in crore) | Net Profit (Rs in crore) | Cash Flow from Operations (Rs in crore) | Free Cash Flow (Rs in crore) | Margins |
| FY26 | 2,041.4 | 206.9 | -126.2 | -183.6 | 38.2% |
| FY25 | 1,194.9 | 142.9 | 212.7 | 177.0 | 26.6% |
| FY24 | 989.0 | 115.6 | 116.3 | 79.9 | 21.5% |
AGS Health INFORMATION ON IPO ISSUE
About AGS Health
AGS Health was incorporated on November 12, 2010. The company is a technology-first Revenue Cycle Management (RCM) solutions provider serving U.S. healthcare providers through AI-driven solutions, data analytics and specialised global delivery capabilities. It works directly with health systems, hospitals and large physician groups to optimise patient access, coding, billing and collections, helping improve revenue realisation and reduce administrative costs
Object of the Issue
- Repayment and/or prepayment, in part or full, of certain borrowings availed by two wholly owned indirect subsidiaries of the company, namely, AGS Health BCP LLC and AGS Health BCP Holdings, Inc., through investment in such subsidiaries
- General corporate purposes
AGS Health - PROMOTERS
| Name |
|---|
| Aravind Krishnan Sreekumar |
| Wang Lixian |
| Sun Yiming |
AGS Health - MANAGEMENT & LEADERSHIP
| Name | Designation |
|---|---|
| Vikram Utamsingh | Independent Director & Chairperson |
| Umang Vohra | Independent Director |
| Dipali Sheth | Independent Director |
| Patrice Rochelle Wolfe | Managing Director & Chief Executive Officer |
| Mukesh Gulraj Mehta | Non-Executive Director |
| Amit Dalmia | Non-Executive Director |
| Anushka Maitreyi Sunder | Non-Executive Director |
| Animesh Agrawal | Non-Executive Director |
| Robert Evan Mayer | Non-Executive Director |
AGS Health Book Running Lead Manager
ICICI Securities Limited
agshealth.ipo@icicisecurities.com
Jefferies India Private Limited
AGSHealth.IPO@jefferies.com
JM Financial Limited
agshealth.ipo@jmfl.com
J.P. Morgan India Private Limited
AGS_Health_IPO_2026@jpmorgan.com
Nomura Financial Advisory and Securities (India) Private Limited
agshealthipo@nomura.com
AGS Health Registrar to the Offer
MUFG Intime India Private Limited
agshealth.ipo@in.mpms.mufg.com
AGS Health Strengths
End-to-end platform service
The company is a technology-first RCM solutions provider covering around 80% of the RCM value chain through front-end, mid-cycle and back-end services, offering SaaS, outsourcing and hybrid solutions. It has been recognized as a Leader by Everest Group for its comprehensive RCM platform and capabilities
Client relationship
The company follows a direct customer engagement model, with over 90.37% of proforma revenue in FY26 generated from direct healthcare provider contracts. This approach enables stronger customer relationships, better understanding of needs, cross-selling opportunities, higher margins and greater control over customer experience
Global delivery model
The company operates a diversified global delivery model across India, the U.S., the Philippines and Mexico, with each location providing specialized capabilities, scalability and geographic diversification. Its employee voluntary attrition rate improved from 33.51% in Fiscal 2024 to 23.28% in Fiscal 2026, supporting workforce stability and operational efficiency
AGS Health Risks
Competition
The company faces competition from healthcare technology vendors, semi-captive RCM providers, emerging technology firms and in-house teams of healthcare organizations. Customers may also shift outsourced functions to captive or in-house operations, while evolving automation and technology require continuous innovation to maintain market share and growth
Customer retention risks
The company experiences customer churn from time to time, as some customers may terminate agreements or discontinue using its products and services. A significant increase in customer churn could adversely affect its revenue, cash flows, financial condition and overall business performance
Depend on third-party vendors
The company relies on third-party vendors to host and maintain its technology platform, making it vulnerable to service disruptions, vendor failures or termination of agreements. Any prolonged outage, cyberattack or deterioration in vendor relationships could disrupt service delivery, expose the company to legal claims and adversely affect its financial performance
IPO FAQs
The promoters of the company are Aravind Krishnan Sreekumar, Wang Lixian and Sun Yiming.
The category allocation of qualified institutional buyers is 75.0%, the category allocation of non individual investors or high networth individuals is 15.0% and for retail investors it is 10.0%.