Waystar celebrates listing on Nasdaq on June 7, 2024.
CNBC
Healthcare payment software provider Waystar priced its IPO in the middle of its expected range, sending its shares down about 3% in its Nasdaq debut on Friday.
The stock opened at $21 per share. Less than IPO The price on Thursday night was $21.50. Waystar said it expects the stock price in May to be between $20 and $23 per share.
The IPO market has been largely dormant since late 2021, when the ongoing bull market turned and investors began to worry about a weakening economy. According to one agency, few technology companies have been willing to try to go public since then, and no digital health companies have publicly exited in 2023. Report From Rock Health.
But the broader venture-backed tech market may be starting to thaw. social media platform Redditdata center connection chip supplier Astra Labs and data software management vendors scarlet letter All are available this year. Health technology company Tempus AI also released preliminary prospectus This year.
Based on Waystar’s initial share price, the company has a market capitalization of approximately $3.5 billion. The stock’s trading symbol is “WAY”.
Waystar provides healthcare payment and revenue cycle management tools and facilitates more than 5 billion payment transactions annually. prospectus. The company was founded in 2017 through the merger of healthcare payment companies Navicure and ZirMed.
Waystar CEO Matt Hawkins said: “We are excited about the opportunity to become a public company because we believe it will help increase our awareness, strengthen our credibility, help us improve our capital structure, and allow us to develop new technologies such as generative artificial intelligence. further investment in the field.
For the quarter ended March 31, Waystar’s revenue was $224.8 million, an increase of 18% from $191.1 million in the same period last year. Waystar reported a net loss of $15.9 million for the quarter, compared with a net loss of $10.6 million a year earlier.
The company said it plans to use proceeds from the offering to repay existing debt. JPMorgan, Goldman Sachs and barclays bank is leading this issuance.
watch: Tech IPOs face hurdles
About The Author
