Axios Pro Exclusive Content

Health payments giant Waystar seeks about $1B in IPO

May 28, 2024
Illustration of the Wall Street bull wearing a stethoscope.

Illustration: Aïda Amer/Axios

A big health tech payments software vendor, Waystar, is seeking up to $1.04 billion in its IPO, per an SEC filing today.

Why it matters: The IPO would be among the year's biggest.

Zoom in: The company backed by EQT and the Canada Pension Plan Investment Board plans to offer 45 million shares in a range of $20 to $23 per share.

  • At the top of its price range, Waystar would have a market value of about $3.98 billion, based on the amount of outstanding shares (about 173 million, if underwriters purchase all additional shares) listed in its filing.
  • Waystar's backers also include Bain Capital and Francisco Partners and affiliates, each of which owns 5% or more of the company's shares.

How it works: Waystar's software helps hospital systems and doctors' offices with bill collection and revenue cycle management.

The big picture: The global IPO market is slowly normalizing, though uncertainty around the 2024 federal election is putting a slight chill on activity, New York Stock Exchange president Lynn Martin told Axios at a recent Axios event.

What we're watching: A warm reception for Waystar could help launch a process for rival Zelis, which was weighing a sale or IPO at the beginning of this year.

What's next: Waystar's shares could start trading as soon as next month.

Go deeper