ASG Hospital has hired five banks to manage an initial public offering targeting as much as $500 million. The IPO is planned for the second half of the year, according to people familiar with the matter. This move signals the healthcare provider's push to tap public markets for expansion capital.

The Indian hospital chain is backed by GA (General Atlantic), a major global private equity firm. This IPO follows a trend of healthcare firms going public to fund growth in a sector seeing robust demand. India's healthcare market is expanding rapidly due to rising incomes and greater insurance penetration.

Bankers will now prepare the listing, which could be one of India's larger healthcare offerings this year. Investors will watch for the company's valuation and growth plans. A successful debut could encourage more private healthcare providers to consider public listings.