Waystar Said to Plan $950 Million IPO Launch as Soon as Tuesday

Bailey Lipschultz, Ryan Gould and Amy Or, Bloomberg News

Pedestrians pass the Nasdaq MarketSite in New York, US, on Tuesday, Jan. 2, 2024. The Nasdaq index slid 1.6% in the tech-heavy benchmark's biggest drop in about a month as Apple fell after an analyst at Barclays Plc warned that iPhone demand is cooling. Photographer: Michael Nagle/Bloomberg , Bloomberg

(Bloomberg) -- Health-care payments software firm Waystar Holding Corp. is moving ahead with a planned US initial public offering that’s expected to launch as soon as Tuesday, according to people familiar with the matter.

The listing for Waystar, which counts EQT AB and the Canada Pension Plan Investment Board among its backers, could raise about $950 million and will consist of only new shares, the people said. Waystar shares may begin trading as soon as in June in a listing that could value the company at up to $6 billion, Bloomberg News has reported.

Details of the offering including size and timing may still change, the people said, asking not to be identified as the information isn’t public. Representatives for EQT, CPPIB and Waystar declined to comment.

Waystar filed publicly for a Nasdaq listing in October, and the company has been monitoring market conditions as it weighs the timing of a potential launch, people familiar with the matter have said.

The software firm disclosed growing revenue in its filings with the US Securities and Exchange Commission. Waystar said it had a net loss of $51.3 million on revenue of $791 million in 2023, compared with a loss of $51.5 million on revenue of $705 million the previous year.

Along with EQT and CPPIB, the company’s investors include Bain Capital and Francisco Partners and their affiliates.

The offering is being led by JPMorgan Chase & Co., Goldman Sachs Group Inc. and Barclays Plc. The company plans for its shares to trade on the Nasdaq Global Select Market under the symbol WAY.

--With assistance from Michelle F. Davis.

(Updates with company comment in third paragraph.)