Waystar drops after launching secondary offering by top holders

Waystar Holding

10/09/2025 22:25

** Shares of healthcare payments software provider Waystar WAY.O down 4.5% at $38.67 in extended trading after secondary offering news

** Utah-headquartered Waystar says Swedish private equity firm EQT AB EQTAB.SB, Bain Capital and Canada Pension Plan Investment Board (CPPIB) to offload 18 mln shares

** JP Morgan is the underwriter for the offering

** Prior to the offering, EQT owns ~32.65 mln shares, CPPIB has ~24.96 mln shares and Bain holds ~18.06 mln shares, per LSEG data

** Waystar has ~174.2 mln shares outstanding for about $7 bln market cap

** WAY shares on Weds ended down 1% at $40.50, cutting YTD gain to 10.4%

** Co debuted in Jun 2024 after 45 mln share IPO priced at $21.50

** All 15 analysts covering the stock are bullish and median PT is $50, per LSEG

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))