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LEHI, Utah and LOUISVILLE, Ky. - Waystar Holding Corp. (NASDAQ: WAY), a healthcare payments software provider with a market capitalization of nearly $7 billion, disclosed a proposed public offering of 12.5 million shares by certain investment funds of EQT AB, Bain Capital, LP, and Canada Pension Plan Investment Board (CPP Investments), and their affiliates. According to InvestingPro data, the company has demonstrated remarkable performance with a 95% return over the past year. These shareholders also plan to offer underwriters a 30-day option to buy up to an additional 1.875 million shares.
The company, Waystar, will not be selling any shares itself nor will it receive any proceeds from this transaction. The offering is being managed by an underwriting group led by J.P. Morgan, Goldman Sachs & Co. LLC, and Barclays, serving as joint lead book-running managers.
A registration statement, including a preliminary prospectus, was filed with the Securities and Exchange Commission (SEC) and is pending effectiveness. Sales can only begin once the SEC approves the registration statement. The offering will adhere to the requirements of the Securities Act of 1933, as amended.
This announcement contains forward-looking statements, which are based on management’s current expectations and subject to risks and uncertainties. These include the successful completion of the proposed offering and other risks detailed in Waystar’s SEC filings.
Waystar’s software is designed to streamline healthcare payments, allowing providers to focus on patient care and financial performance. The company supports around 30,000 clients, processes over 6 billion transactions annually, and handles claims totaling over $1.8 trillion each year. InvestingPro analysis reveals strong fundamentals with revenue of $975 million and EBITDA of $318 million in the last twelve months. The company maintains a healthy liquidity position with a current ratio of 3.12, indicating robust financial health.
The proposed offering is available only by prospectus, with copies obtainable from the underwriting firms: J.P. Morgan, Goldman Sachs & Co. LLC, and Barclays.
This report is based on a press release statement. For comprehensive analysis and additional insights, including 8 more exclusive ProTips and detailed financial metrics, visit InvestingPro, where you can access the full research report on Waystar among 1,400+ top US stocks.
In other recent news, Waystar Holding Corp reported a 14% year-over-year revenue increase in Q1 2025, reaching $256.4 million. The company also raised its full-year revenue guidance, indicating confidence in continued growth. Truist Securities raised its price target for Waystar shares to $50, maintaining a "Buy" rating, citing strong integration of Change Healthcare clients and robust revenue contributions from these clients. Meanwhile, Canaccord Genuity adjusted its price target to $47, also maintaining a "Buy" rating, following Waystar’s Q1 report that exceeded revenue and adjusted EBITDA estimates. Waystar’s CEO, Matt Hawkins, received a significant performance stock unit grant, contingent on the company’s total shareholder return. Additionally, the company plans to expand its Board of Directors, pending an amendment to remove the current limit on board size. These developments reflect Waystar’s strategic focus on governance and executive compensation linked to performance.
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