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The BPO arm of hospital chain Apollo Enterprises, Apollo Health Street (AHS), is planning an IPO. The company wants to repay the debt it has taken for its recent $170-million acquisition of US-based BPO Zavata, besides it wants cash for expansion purposes. According to The Economic Times, a listing is expected in the next 6 to 8 months. “The board has given an in-principle approval to list the company in India but the time and other details have not been decided," the paper quotes sources as saying.
The Zavata deal involved an equity component of $50 million and a debt of $120 million. The equity contribution from Apollo was $25 million, while One Equity Partners (the investment arm of JPMorgan Chase & Co) and Temasek Holdings invested a combined $25 million. The debt of $120 million was raised from Bank of India and Barclays Capital.
According to ET, Maxwell Mauritius, the wholly-owned subsidiary of Temasek, and One Equity Partners, have invested $7.5 million in Apollo Health Street itself.

Related:
One Equity, Temasek Back Apollo’s $170M Buyout Of US Medical BPO Zavata