Waystar Holding Corp. (WAY Proposed), the healthcare payments software company, unveiled the terms for its IPO early today (Tuesday, May 28, 2024): 45.0 million shares at a price range of $20.00 to $23.00 to raise $967.5 million, if priced at the $21.50 mid-point of its range. Those terms would give Waystar a market cap – or a valuation – of $3.58 billion. This is a NASDAQ listing.
J.P. Morgan, Goldman Sachs and Barclays are the joint lead book-runners.
Waystar’s IPO landed on potential IPO investors’ radar last October when the company filed its S-1.
Waystar, based in Utah, provides cloud-based payments software to physician practices, clinics, surgical centers and labs as well as to large hospitals and health systems.
“Put simply, our software helps providers get paid faster, accurately, and more efficiently, while ensuring patients receive a modern, transparent, and consumer-friendly financial experience,” Waystar says in the prospectus.
Cornerstone investors – one or more funds or accounts advised by Neuberger Berman Investment Advisers and a wholly owned subsidiary of Qatar Investment Authority – have severally and not jointly indicated an interest in buying up to $225 million of stock in the IPO, the prospectus says.
The IPO proceeds will be used to repay debt under Waystar’s First Lien Credit Agreement, the prospectus says.
Waystar is not profitable, according to the prospectus. For the 12 months that ended March 31, 2024, Waystar reported a net loss of $56.64 million on revenue of $824.72 million.
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