Waystar's IPO Raises $968 Million, Valuing Company at $3.69 Billion

Healthcare software firm Waystar's successful IPO marks one of the largest U.S. listings in 2024, indicating renewed investor interest in the IPO market.

• 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.

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