Fierce Healthcare June 7, 2024
Healthcare payment software maker Waystar debuted on the public market Friday, raising $967.5 million, and marking the biggest health tech IPO since 2022.
The Lehi, Utah-based company’s initial public offering priced late Thursday at $21.50 a share, in the middle of its expected range. Waystar, backed by EQT AB and the Canada Pension Plan Investment Board (CPPIB), sold 45 million shares.
Bain Capital also is a major shareholder in the company. Following the IPO, EQT, CPPIB and Bain will beneficially own approximately 29.2%, 22.3%, and 16.8%, respectively.
It plans to use the money from the offering to pay off existing debt, according to a statement.
Based on Waystar’s initial share price, the company’s market cap is about $3.5 billion. Including...
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