Waystar Holding, which provides cloud-based revenue management software for the healthcare industry, announced terms for its IPO on Tuesday.
The Lehi, UT-based company plans to raise $968 million by offering 45 million shares at a price range of $20 to $23. Certain cornerstone investors intend to purchase $225 million worth of shares in the offering (23% of the deal). At the midpoint of the proposed range, Waystar Holding would command a fully diluted market value of $3.7 billion.
Waystar provides cloud software that simplifies payments for healthcare providers of all types and sizes across the continuum of care, including physician practices, clinics, surgical centers, and laboratories, as well as large hospitals and health systems. The company currently serves approximately 30,000 clients of various sizes, representing approximately one million distinct providers practicing across a variety of care sites. In 2023, Waystar facilitated over 5 billion healthcare payments transactions, including over $1.2 trillion in gross claims volume, spanning approximately 50% of patients in the US.
Waystar Holding was founded in 2017 and booked $825 million in revenue for the 12 months ended March 31, 2024. It plans to list on the Nasdaq under the symbol WAY. J.P. Morgan, Goldman Sachs, Barclays, William Blair, Evercore ISI, BofA Securities, RBC Capital Markets, and Deutsche Bank are the joint bookrunners on the deal. It is expected to price during the week of June 3, 2024.
