Waystar Holding, a US-based healthcare payments software provider, has announced the pricing of its initial public offering (IPO) at $21.50 per share.  

The company is offering 45 million shares of its common stock, with an additional option for underwriters to purchase up to 6.75 million more shares.  

Trading on the Nasdaq Global Select Market under the ticker “WAY” commenced on 7 June 2024. 

Waystar Holding launched its IPO on 28 May, with plans to raise approximately $1.04bn.   

According to Reuters reports, Waystar’s IPO was priced at the midpoint of the expected range, aiming to raise approximately $968m.  

The offering is scheduled to close on 10 June 2024, provided all of the necessary customary closing conditions are met. 

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The company said that it is planning to leverage the IPO proceeds for repaying its existing debts. 

Joint lead book-running managers and underwriter representatives for the offering include J.P. Morgan, Goldman Sachs & Co., and Barclays.  

William Blair, BofA Securities, Evercore ISI, RBC Capital Markets, and Deutsche Bank Securities are serving as joint bookrunners.  

In addition, Canaccord Genuity and Raymond James are co-managers for Waystar’s IPO.  

Waystar specialises in providing enterprise-grade software designed to streamline healthcare payments, allowing providers to focus on patient care while enhancing their financial performance.  

The company supports approximately 30,000 clients and processes over five billion healthcare payment transactions annually.  

These transactions include more than $1.2tn in annual gross claims, covering nearly 50% of patients in the US. 

For the fiscal year 2023, Waystar reported a net loss of $51.3m on revenue of $791m, a slight improvement from a net loss of $51.5m on revenue of $705m in the previous year, Reuters noted.  

Major Waystar shareholders include EQT, the Canada Pension Plan Investment Board (CPPIB), and Bain Capital.  

The report said that, following the IPO, EQT, CPPIB, and Bain will retain significant ownership stakes of approximately 29.2%, 22.3%, and 16.8%, respectively.