Blackstone Is Said to Plan $500 Million India IPO for AGS

Blackstone Inc. has begun discussions with investment banks about a potential initial public offering of its AGS Health Pvt. unit in Mumbai to raise as much as $500 million, according to people familiar with the matter.

The private equity firm has held initial talks with bankers in recent weeks and is expected to appoint advisers soon, the people said, asking not to be identified because the deliberations are private. The proposed IPO is expected to include a mix of primary shares and secondary sales by existing investors, the people said.