Waystar Announces Proposed Public Offering of Common Stock
Waystar Holding Corp. (Nasdaq: WAY) has announced a proposed underwritten public offering of 18,000,000 shares of its common stock. The offering is being made by certain investment funds of EQT AB, Canada Pension Plan Investment Board, and Bain Capital, LP (the Selling Stockholders). The underwriters will have a 30-day option to purchase up to 2,700,000 additional shares.
The offering is being led by J.P. Morgan, Goldman Sachs & Co. , and Barclays as joint lead book-running managers. Importantly, Waystar will not receive any proceeds from the sale of shares in this offering. A registration statement on Form S-1 has been filed with the SEC but has not yet become effective.
Waystar Holding Corp. (Nasdaq: WAY) ha annunciato un'offerta pubblica sottoscritta proposta di 18.000.000 azioni del suo capitale comune. L'offerta è effettuata da alcuni fondi di investimento di EQT AB, Canada Pension Plan Investment Board e Bain Capital, LP (i Venditori di Azioni). Gli underwriter avranno un'opzione di 30 giorni per acquistare fino a 2.700.000 azioni aggiuntive.
L'offerta è guidata da J.P. Morgan, Goldman Sachs & Co. e Barclays in qualità di co-responsabili della gestione del libro. È importante notare che Waystar non riceverà alcun provento dalla vendita delle azioni in questa offerta. È stata presentata una dichiarazione di registrazione sul Modulo S-1 alla SEC, ma non è ancora diventata efficace.
Waystar Holding Corp. (Nasdaq: WAY) ha anunciado una oferta pública de acciones suscrita propuesta de 18,000,000 acciones de su capital social. La oferta es realizada por ciertos fondos de inversión de EQT AB, Canada Pension Plan Investment Board y Bain Capital, LP (los Vendedores de Acciones). Los suscriptores tendrán una opción de 30 días para comprar hasta 2,700,000 acciones adicionales.
La oferta está liderada por J.P. Morgan, Goldman Sachs & Co. y Barclays como co-líderes en la gestión del libro. Es importante destacar que Waystar no recibirá ningún ingreso por la venta de acciones en esta oferta. Se ha presentado una declaración de registro en el Formulario S-1 ante la SEC, pero aún no ha entrado en vigor.
Waystar Holding Corp. (Nasdaq: WAY)는 18,000,000주의 일반 주식에 대한 공모를 제안했다고 발표했습니다. 이 공모는 EQT AB, 캐나다 연금 계획 투자 위원회 및 Bain Capital, LP의 특정 투자 기금에 의해 이루어집니다(주식 판매자). 인수업자는 2,700,000주의 추가 주식을 구매할 수 있는 30일 옵션을 갖게 됩니다.
이 공모는 J.P. Morgan, Goldman Sachs & Co. 및 Barclays가 공동 주관 관리자로서 주도하고 있습니다. 중요한 점은 Waystar가 이 공모에서 주식 판매로부터 어떤 수익도 받지 않는다는 것입니다. SEC에 S-1 양식으로 등록 신청서가 제출되었지만 아직 효력이 발생하지 않았습니다.
Waystar Holding Corp. (Nasdaq: WAY) a annoncé une offre publique souscrite proposée de 18 000 000 actions de son capital social. L'offre est réalisée par certains fonds d'investissement de EQT AB, Canada Pension Plan Investment Board et Bain Capital, LP (les Actionnaires Vendeurs). Les souscripteurs auront une option de 30 jours pour acheter jusqu'à 2 700 000 actions supplémentaires.
L'offre est dirigée par J.P. Morgan, Goldman Sachs & Co. et Barclays en tant que co-responsables de la gestion des livres. Il est important de noter que Waystar ne recevra aucun produit de la vente d'actions dans cette offre. Une déclaration d'enregistrement sur le formulaire S-1 a été déposée auprès de la SEC, mais n'est pas encore entrée en vigueur.
Waystar Holding Corp. (Nasdaq: WAY) hat eine vorgeschlagene unterzeichnete öffentliche Angebot von 18.000.000 Aktien ihres Stammkapitals angekündigt. Das Angebot erfolgt durch bestimmte Investmentfonds von EQT AB, Canada Pension Plan Investment Board und Bain Capital, LP (die verkaufenden Aktionäre). Die Underwriter haben eine 30-tägige Option, bis zu 2.700.000 zusätzliche Aktien zu erwerben.
Das Angebot wird von J.P. Morgan, Goldman Sachs & Co. und Barclays als gemeinsamen Hauptbuchführungsmanagern geleitet. Wichtig ist, dass Waystar keinen Erlös aus dem Verkauf der Aktien in diesem Angebot erhalten wird. Eine Registrierungsanmeldung auf Formular S-1 wurde bei der SEC eingereicht, ist aber noch nicht wirksam geworden.
- None.
- Company will not receive any proceeds from the share sale
- Large shareholders are reducing their positions through significant stock sale
- Potential market pressure from 18M share offering with additional 2.7M option
Insights
This secondary offering of 18 million shares (plus 2.7 million option) represents a significant liquidation event by private equity investors, accounting for approximately 12% of Waystar's market capitalization. The timing and structure of this exit is particularly noteworthy for several reasons:
The selection of J.P. Morgan, Goldman Sachs, and Barclays as lead underwriters suggests a well-coordinated distribution strategy, typically aimed at placing shares with long-term institutional investors. Secondary offerings of this size usually come with a 5-10% discount to market price to ensure successful placement.
While this offering doesn't dilute existing shareholders in the traditional sense (no new shares are being issued), it does create temporary selling pressure. However, the involvement of top-tier underwriters often helps mitigate price impact through careful placement and marketing.
The exit by major PE firms is a natural evolution in Waystar's corporate lifecycle, rather than a negative signal about company fundamentals. Healthcare payment software remains a growing sector with strong recurring revenue characteristics. The orderly nature of this exit, with multiple PE firms participating simultaneously, suggests a coordinated approach to minimize market disruption.
Investors should monitor the final pricing and placement details, as successful absorption of this supply could remove a significant overhang and potentially lead to improved trading liquidity. The lock-up agreements for remaining shares held by these investors will be important for understanding potential future selling pressure.
The offering is being made through an underwriting group led by J.P. Morgan, Goldman Sachs & Co. LLC, and Barclays, who are acting as joint lead book-running managers.
A registration statement on Form S-1, including a prospectus, which is preliminary and subject to completion, relating to these securities has been filed with the Securities and Exchange Commission (the "SEC") but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities 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 any such 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 proposed offering may be made only by means of a prospectus. Copies of the preliminary prospectus may be obtained by contacting: J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue,
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. 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. The forward-looking statements contained in this press release are based on management's current expectations and are inherently subject to various risks, uncertainties, assumptions, or changes in circumstances that are difficult to predict or quantify. These risks and uncertainties include, but are not limited to, risks and uncertainties associated with the consummation of the proposed offering and other risks described in Waystar's registration statement on Form S-1, as it may be amended from time to time, and its Annual Report on Form 10-K for the year ended December 31, 2024 and any subsequent filings with the SEC. 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 16 of 20 institutions on the
Media Contact
Kristin Lee
kristin.lee@waystar.com
Investor Contact
Sandy Draper
investors@waystar.com
502-238-9511
View original content to download multimedia:https://www.prnewswire.com/news-releases/waystar-announces-proposed-public-offering-of-common-stock-302379457.html
SOURCE Waystar
FAQ
How many shares are being offered in Waystar's (WAY) February 2025 public offering?
Who are the selling stockholders in Waystar's (WAY) 2025 public offering?
Will Waystar (WAY) receive any proceeds from the February 2025 stock offering?
Which investment banks are managing Waystar's (WAY) 2025 public offering?
