Waystar Announces Pricing of Initial Public Offering
Waystar Holding Corp. announced the pricing of its initial public offering (IPO) of 45,000,000 shares at $21.50 per share. The underwriters have a 30-day option to purchase an additional 6,750,000 shares. Trading on Nasdaq under the symbol 'WAY' is expected to start on June 7, 2024, with the offering closing on June 10, 2024. Proceeds will be used to repay outstanding debt. J.P. Morgan, Goldman Sachs, and Barclays are the lead book-running managers. The SEC has declared the registration statement effective.
- Waystar is offering 45,000,000 shares at $21.50 each, potentially raising $967,500,000.
- Underwriters have a 30-day option to buy 6,750,000 more shares, which could increase total proceeds.
- Shares are set to trade on Nasdaq, enhancing visibility and liquidity.
- Proceeds will be used to repay outstanding debt, improving financial health.
- IPO might lead to shareholder dilution with the issuance of 45,000,000 additional shares.
- Potential risks if the market reacts negatively to the IPO pricing or debt repayment strategy.
Waystar's initial public offering (IPO) is an important event for potential investors and the company. The pricing at
Investors should note the list of prominent underwriters, including J.P. Morgan and Goldman Sachs, which adds credibility to the offering. The shares will trade on Nasdaq under the symbol "WAY," providing liquidity and visibility to investors. In the short term, investors can expect price volatility typical of new listings. Long-term prospects depend on how effectively Waystar deploys the capital raised and manages debt repayment.
Waystar's IPO represents a strategic move to access capital markets and expand its financial flexibility. By listing on Nasdaq, it gains a platform renowned for tech and high-growth companies, aligning with Waystar's growth ambitions. The IPO pricing and initial share volume are designed to attract a broad investor base, reflecting confidence in the company's market potential. Reducing outstanding debt with IPO proceeds can lead to lower interest expenses, potentially boosting earnings in the medium to long term.
Investors should consider the competitive landscape of Waystar's industry and how the influx of capital will be used to enhance its market position. The involvement of several top-tier investment banks signifies a strong institutional backing, which can be reassuring for retail investors.
Waystar intends to use the net proceeds from the offering to repay outstanding indebtedness.
J.P. Morgan, Goldman Sachs & Co. LLC, and Barclays are acting as joint lead book-running managers of the offering and as representatives of the underwriters for the offering. William Blair, Evercore ISI, BofA Securities, RBC Capital Markets, and Deutsche Bank Securities are acting as joint bookrunners for the offering. Canaccord Genuity and Raymond James are acting as co-managers for the offering.
A registration statement on Form S-1 relating to the offering has been filed with, and declared effective by, the Securities and Exchange Commission (the "SEC") on June 6, 2024. Copies of the registration statement can be accessed through the SEC's website at www.sec.gov. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities, and shall not constitute an offer, solicitation, or sale in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of that state or jurisdiction. Any offers, solicitations or offers to buy, or any sales of securities will be made in accordance with the registration requirements of the Securities Act of 1933, as amended.
The offering is being made only by means of a prospectus. Copies of the prospectus related to the offering can be obtained from: J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue,
Forward-Looking Statements
This press release contains forward-looking statements. Forward-looking statements include all statements that are not historical facts. The words "anticipate," "assume," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "future," "will," "seek," "foreseeable," the negative version of these words, or similar terms and phrases are intended to identify forward-looking statements. These forward-looking statements include any statements regarding the commencement of trading of Waystar's common stock on Nasdaq. These forward-looking statements, including statements regarding the use of proceeds and closing of the offering, are subject to a number of risks, uncertainties, and assumptions, including those described under "Risk Factors" in Waystar's registration statement relating to the offering. Except as required by law, Waystar has no obligation to update any of these forward-looking statements to conform these statements to actual results or revised expectations.
About Waystar
Waystar's mission-critical software is purpose-built to simplify healthcare payments so providers can prioritize patient care and optimize their financial performance. Waystar serves approximately 30,000 clients, representing over 1 million distinct providers, including 18 of 22 institutions on the
Contact
Daniel Yunger / Nick Capuano / Kerry Kelly
Kekst CNC
kekst-waystar@kekstcnc.com
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SOURCE Waystar
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