Waystar falls after $709 mln secondary offering by top shareholders

Waystar Holding

11/09/2025 13:45

** Shares of healthcare payments software provider Waystar WAY.O down 4.4% at $38.72 premarket after secondary offering prices

** Utah-headquartered Waystar announces 18 mln shares offloaded by Swedish private equity firm EQT AB EQTAB.SB, Bain Capital and Canada Pension Plan Investment Board (CPPIB) at $39.40, equating to gross proceeds of ~$709.2 mln

** Offering price is 2.7% discount to stock's last sale on Weds

** JP Morgan is the underwriter for the offering

** Prior to the offering, EQT owned ~32.65 mln shares, CPPIB had ~24.96 mln shares and Bain held ~18.06 mln shares, per LSEG data

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

** Through Weds close, shares up 10.4% YTD

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

** All 15 analysts covering WAY 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))