Waystar Raises $968 Million in IPO, Valuing Firm at $3.69 Billion

Waystar Raises $968 Million in IPO

Waystar, a provider of software for hospitals and doctors’ practices, has raised $968 million in its initial public offering, according to sources on Thursday.

The IPO was priced at $21.50 per share for 45 million shares, falling within the $20-to-$23-per-share range, the sources said. This results in a fully diluted valuation of $3.69 billion for Waystar.

The sources requested anonymity as the announcement is not yet official.

Waystar, along with its major shareholders EQT and the Canada Pension Plan Investment Board, declined to comment.

The success of Waystar’s IPO suggests that the market for new listings is still open, following the recent withdrawal of aluminium recycler Novelis’ IPO, which aimed to raise up to $945 million.

Novelis cited “adverse market conditions,” though sources close to the matter indicated that its owner, Hindalco Industries, might have had other reasons for not proceeding.

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