BY KENAN MACHADO AND ROMIT GUHA

MUMBAI — India’s Aegis Ltd., owned by the Essar Group, is looking to raise between $350 million and $400 million from a U.S. initial public offering, following a sale of some shares to individual investors first, a person familiar with the matter said Tuesday, in the latest U.S. listing by an Indian business process outsourcing firm.

Essar, the steel-to-energy conglomerate owned by the billionaire Ruia brothers, plans to sell between 25% and 30% of Mumbai-based Aegis in the IPO to raise funds the outsourcing firm will use to make acquisitions, the person said. Aegis Global Chief Executive Aparup Sengupta said …