Shares of Waystar closed below their offering price Friday on the first day of trading for the healthcare payment technology company.
Waystar raised $967.5 million in its initial public offering, selling 45 million shares priced at $21.50 a share. On Friday, shares closed at $20.70 a share, down 3.72%.
Read more: What Waystar's IPO means for digital health
Waystar said it intends to use the net proceeds from its opening offering to repay outstanding debts. The offering will close June 10.
In October, Waystar filed a registration statement with the Securities and Exchange Commission related to its IPO. At the time, the company said it could raise as much as $1.04 billion. It held off going public for seven months before deciding to move ahead with these plans in May.
The company will attempt to avoid the struggles other public digital and health technology companies have endured. The last digital health company to go public in August 2022 was Akili, which has since faced its share of challenges and was recently announced its plans to merge with Virtual Therapeutics.
Waystar formed in November 2017 as the result of a merger between revenue cycle technology companies ZirMed and Navicure.
