Waystar, a leading provider of healthcare payments software, has announced the pricing of its public offering of common stock.
The company, which facilitates healthcare transactions and financial operations for providers, serves around 30,000 clients across the U.S.
The offering involves 20 million shares of Waystar’s common stock, priced at $40 per share, raising $800m for investment funds managed by EQT AB, Bain Capital, and Canada Pension Plan Investment Board (CPP Investments), along with their affiliates. Additionally, these investors have granted underwriters a 30-day option to purchase up to 3 million additional shares.
Waystar itself is not selling shares and will not receive any proceeds from the offering. The transaction is expected to close on or around 24 February 2025, subject to standard closing conditions.
Waystar’s software is designed to simplify healthcare payments, enabling providers to focus on patient care while improving financial efficiency. The company’s platform processes over six billion healthcare payment transactions annually, handling more than $1.8trn in gross claims and covering nearly 50% of U.S. patients. Its technology serves major healthcare institutions, including 16 of the top 20 hospitals on the U.S. News Best Hospitals Honor Roll.
The offering is being led by an underwriting group that includes J.P. Morgan, Goldman Sachs, and Barclays as joint lead book-running managers. Other participants in the syndicate include William Blair, Evercore ISI, BofA Securities, RBC Capital Markets, Jefferies, and Deutsche Bank Securities. Canaccord Genuity and Raymond James are acting as co-managers for the offering.
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