Waystar Holding, which provides cloud-based revenue management software for the healthcare industry, raised $968 million by offering 45 million shares at $21.50, the midpoint of the range of $20 to $23. New investors Neuberger Berman and QIA had indicated on $225mm of the IPO (23% of the deal). At pricing, Waystar commands 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 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 acted as joint bookrunners on the deal.
