Waystar looks to raise $1bn in Nasdaq IPO

Healthcare payments software group Waystar announced on Tuesday that it is seeking to raise around $1bn in its stock-market debut this summer.

In a regulatory filing, the Utah-based company said it was setting its IPO price between $20 and $23 a share, offering 45m shares.

At the midpoint of the range, the IPO would raise proceeds of $967.5m and give the business a market cap of $3.7bn.

JPMorgan, Goldman Sachs and Barclays are acting as joint brokers of the offering and the stock will trade under the 'WAY' symbol on the Nasdaq.

Founded in 2017, Waystar provides cloud-based software for healthcare organisations to speed up payments and revenue management. It made a net loss of $51m in 2023 on revenues of $791m.

According to a Bloomberg report last week, citing people close to the company, Waystar could list on the Nasdaq "as soon as June" after filing for a listing in October 2023.