Overview

• Waystar sold 45 million shares at $21.50 each, the midpoint of its projected range.
• The IPO gives Waystar a fully diluted valuation of $3.69 billion and an enterprise value of about $5 billion including debt.
• Major shareholders EQT, Canada Pension Plan Investment Board, and Bain Capital maintain significant stakes post-IPO.
• Waystar plans to use the IPO proceeds primarily to repay debt.
• The company's listing is the fourth-largest in the U.S. this year, following a two-year slump in IPO activity.