Waystar falls in debut after midpoint IPO pricing

Waystar Holding

07/06/2024 18:39

** Waystar  WAY.O , private equity-backed healthcare
payments provider, falls nearly 5% in Nasdaq debut on Fri after
IPO prices at midpoint
    ** WAY opens at $21 vs $21.50 IPO price. Stock last down
4.6% at $20.52
    ** Co late Thurs said sold 45 mln shares in middle of
$20-$23 marketed range for ~$968 mln raise
    ** Its cloud-based platform services more than 30,000
clients, representing approx 1 mln healthcare providers, and co
processed over 5 billion transactions in 2023, per the SEC
prospectus filing
    ** Neuberger Berman and Qatar Investment Authority indicated
to buy up to $225 mln of IPO as "cornerstone investors"
    ** Post-IPO, Swedish PE firm EQT  EQTAB.ST  has 29.2% stake,
Canada Pension Plan Investment Board and Bain Capital own stakes
of 22.3% and 16.8%, respectively
    ** Co to use net offering proceeds to repay debt under
credit facility
    ** JP Morgan, Goldman and Barclays leading 10-firm
underwriting group for the IPO

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))