US healthcare payments software provider Waystar Holding has launched its initial public offering (IPO), with plans to raise nearly $1.04bn.  

In a filing with the US Securities and Exchange Commission (SEC), the company said it is offering 45 million shares at an estimated $20 to $23 apiece, with underwriters given a 30-day option to buy up to another 6.7 million shares at the IPO price, minus the underwriting discount.  

Waystar has applied to list on the Nasdaq Global Select Market under the ticker symbol “WAY”. 

Cornerstone investors have expressed interest in acquiring shares worth up to $225m in the offering.  

These investors include entities managed by Neuberger Berman, as well as a subsidiary of the Qatar Investment Authority, the country’s sovereign wealth fund.  

Waystar looks to use the funds raised towards the repayment of its debt. 

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The company is targeting a valuation of up to $3.83bn, Reuters reported. 

JP Morgan, Goldman Sachs & Co, and Barclays are leading the offering as joint lead book-running managers and representatives of the underwriters.  

William Blair, BofA Securities, Evercore ISI, RBC Capital Markets, and Deutsche Bank Securities are serving as joint bookrunners for the proposed offering, with Canaccord Genuity and Raymond James acting as co-managers. 

Based in Louisville, Kentucky, Waystar offers mission-critical software designed to streamline healthcare payments.  

Formed through the merger of Navicure and ZirMed in 2017, Waystar has concentrated on offering solutions throughout the entire revenue cycle.  

The company said it supports around 30,000 clients and more than one million distinct providers.  

Its platform processes nearly five billion healthcare payment transactions annually, handling over $1.2tn in gross claims and covering about half of the US patient population. 

The healthcare payments company registered a net loss of $51.3m on revenue of $791m in 2023, versus a net loss of $51.5m on revenue of $705m in the prior year.