BREAKING NEWS: Waystar Holdings is Now a Publicly Traded Company and has Raised $967+ Million in Gross Proceeds from its IPO

Just 10 days after filing the 7th amendment of its Form S-1 with the U.S. Securities and Exchange Commission signaling its intent to sell shares via an Initial Public Offering, Lehi, Utah-based Waystar Holdings has done just that this morning (Friday, 07 May 2024) and is now a publicly traded company.

According to its news release published at ~5:30pm ET yesterday (Thursday, 06 June 2024), Waystar "priced its offering" at $21.50/share of common stock, near the lower end of its anticipated range of $21.00 to $23.00 per share, with shares being sold today via the Nasdaq Stock Market under the symbol "WAY."

Given its plans to sell 45 million shares of common stock via its IPO, Waystar garnered over $967 million in gross proceeds from the offering.

That said, should Waystar's underwriters choose to exercise their 30-day option to sell up to 6.75 million additional shares, the company could gain up to $145 million in additional gross proceeds, less the underwriting discount.

As noted in its yesterdays announcement, the company plans to "... use the net proceeds from the offering (IPO) to repay outstanding indebtedness."

A Quick Overview of Waystar Holdings

As noted in our 29 May 2024 writeup titled Another "Sneaky" IPO is Pending for Utah as "Recent" Transplant Waystar Holdings Announces its Forthcoming Initial Public Offering,

"Waystar is one of the leading HealthTech companies in the U.S. as it helps over 30,000 healthcare provider organizations process over 5 billion payments annually and generated more than $790 million in revenue in 2023, most of it Annual Recurring Revenue (or ARR)."

"In simplest terms, Waystar is a cloud-based provider of various Revenue Cycle Management tools designed to help healthcare provider firms more quickly, accurately, and efficiently maximize revenue throughout their organizations."

And, according to yesterday's news release,

"Waystar serves approximately 30,000 clients, representing over 1 million distinct providers, including 18 of 22 institutions on the U.S. News Best Hospitals list. Waystar's enterprise-grade platform annually processes over 5 billion healthcare payment transactions, including over $1.2 trillion in annual gross claims and spanning approximately 50% of U.S. patients."

So, kudos to CEO (and Utah native), Matt Hawkins, along with the entire Waystar team on a successful IPO.

AUTHOR'S MEA CULPA

In my 29 May 2024 writeup, I wrote that I felt the soonest Waystar could reasonably "go effective" with its IPO would be the week before Independence Day, aka, the week of June 24—28.

LOLOLOL ... clearly that's a prediction I missed. By a lot!!! 🤦‍♂️ 🤦‍♂️ 🤦‍♂️

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