Healthcare-payments software company Waystar seeks about $1 billion in IPO

By Steve Gelsi

Waystar serves about 30,000 clients that represent more than one million providers.

Waystar Holding Corp., a healthcare-payments software company, said Tuesday it plans to raise about $1 billion in its initial public offering.

The Lehi, Utah-based company plans to trade under the symbol WAY on the Nasdaq.

Waystar plans to offer 45 million shares at an estimated price range of $20 to $23 a share in its upcoming initial public offering.

At the midpoint of the range, Waystar's IPO will raise about $967.5 million with underwriters JPMorgan Chase & Co. (JPM), Goldman Sachs Group Inc. (GS) and Barclays PLC (BCS).

With 173.4 million shares outstanding, including shares allotted to underwriters, Waystar's market capitalization will be about $3.7 billion. That's at the midpoint of the estimated price range or $21.50 a share.

Founded in 2000, Waystar is backed by EQT AB (SE:EQT), Canada Pension Plan Investment Board, Bain Capital and Francisco Partners.

The company reported a full-year 2023 net loss of $51.33 million and revenue of $791 million, compared to a 2022 net loss of $51.5 million and revenue of $704.9 million.

Waystar, which came out of the combination of Navicure and ZirMed in 2017, makes claims-management and patient-payment software to help its network of about 30,000 clients, representing more than one million providers.

-Steve Gelsi

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05-28-24 0801ET

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