EQT-backed Waystar seeks as much as $1.04B in IPO

Healthcare payments software maker Waystar Holding Corp. is seeking to raise as much as $1.04 billion in an initial public offering that would be among the year’s biggest.

Waystar, whose backers include EQT AB and Canada Pension Plan Investment Board, is offering 45 million shares for $20 to $23 each, according to a filing Tuesday. 

Waystar’s investors also include Bain Capital and Francisco Partners and their affiliates, each of which controls 5% or more of the company’s shares, according to its filings.

The company filed publicly for a Nasdaq listing in October, and the company has been monitoring market conditions as it weighs the timing of a potential launch, people familiar with the matter have said.

Waystar said it had a net loss of $51.3 million on revenue of $791 million in 2023, compared with a loss of $51.5 million on revenue of $705 million the previous year.

The offering is being led by JPMorgan Chase & Co., Goldman Sachs Group Inc. and Barclays Plc. The company plans for its shares to trade on the Nasdaq Global Select Market under the symbol WAY.

At the top of the price range, the Lehi, Utah-based company would have a market value of about $3.98 billion based on the outstanding shares listed in its filing with the US Securities and Exchange Commission.

Neuberger Berman and the Qatar Investment Authority have indicated an interest in buying as much as an aggregate of $225 million in shares, the filing shows.

Companies have raised more than $17 billion this year via IPOs on US exchanges, according to data compiled by Bloomberg. That compares with about $10.5 billion at this point last year, the data show.