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News » Sagility Health targets IPO with $3Bn valuation

Sagility Health targets IPO with $3Bn valuation

MUMBAI, INDIA — Swedish private equity firm EQT is gearing up to list its healthcare business process management (BPM) company, Sagility Health (Sagility), on Indian stock exchanges. 

IPO to raise $400-500 million for healthcare BPM firm

The initial public offering (IPO) is expected to value Sagility at around $3 billion (₹25,000 crore), with EQT likely to raise $400-500 million.

“The emergence of artificial intelligence has created an uncertainty over the BPM business across the globe, and paying high valuation makes no sense,” said a PE fund manager who worked on the Sagility deal last year, per The Economic Times

This is the second time EQT is planning a partial exit from Sagility. Last year, reports revealed that EQT had plans to sell its 25-30% in the company. 

Investment banks on the IPO deal

EQT has hired ICICI Securities, IIFL, JP Morgan and Jefferies as investment bankers in the deal.

Sagility, formerly known as Hinduja Global Solutions Healthcare, was acquired by EQT’s Asia-focused fund, Baring Private Equity Asia, in 2022, for an enterprise value of $1.2 billion.

The company provides technology-enabled BPM services to healthcare payers, providers, and partners worldwide. 

Its services include enrollment, billing, claims, network management, engagement and clinical services, revenue cycle management, and labs and durable medical equipment support.

The Colorado-based firm has over 35,000 employees in India, the Philippines, the U.S., Colombia, and Jamaica. Around 45% of its professionals are in Bengaluru, Chennai, Hyderabad, Mumbai, and Coimbatore. 

Sagility posted a revenue of about $500 million in calendar year 2023 and is reportedly targeting $1 billion in revenue by 2026.

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