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Waystar shares slid about 3% in their Nasdaq debut on Friday, after the health-care payment software vendor priced its IPO in the middle of the expected range. The stock opened at $21 per share, below the IPO price of $21.50 late Thursday. The IPO market has been largely dormant since late 2021 when the extended bull market turned and investors began to worry about a weakening economy. But the broader venture-backed tech market may be beginning to thaw. Health tech company Tempus AI has also issued a preliminary prospectus this year.
Persons: Waystar, Matt Hawkins, CNBC's, JPMorgan Chase, Goldman Sachs Organizations: Nasdaq, Rock Health, Health, ZirMed, JPMorgan, Barclays
Healthcare payments startup Waystar makes IPO filing public
  + stars: | 2023-10-16 | by ( ) www.reuters.com   time to read: +1 min
Oct 16 (Reuters) - Healthcare payments startup Waystar Technologies on Monday made public its filing for a U.S. stock market flotation and revealed a rise in quarterly sales. Reuters reported in August that Waystar was eyeing an initial public offering (IPO) that could value it at up to $8 billion. Waystar confidentially filed for an IPO later in August, joining a wave of new listings that followed a months-long dry spell wrought by high interest rates and fears of a recession. Total sales of the company for the three months ended June 30 was $196 million, compared with $173.4 million a year earlier, it said. Waystar was formed in 2017 through the merger of healthcare tech firms Navicure and ZirMed.
Persons: Waystar, Waystar confidentially, Khushi, Devika Organizations: Technologies, Reuters, Nasdaq, Thomson Locations: U.S, Bengaluru
The IPO could come later this year or early next year, subject to market conditions, the sources added, requesting anonymity because the matter is confidential. The valuation attained will also be subject to market conditions, the sources added. EQT, CPPIB and Goldman Sachs declined to comment. The company develops payment software helping clients such as large hospital systems with the collection of bills from patients. The company now works with 1 million healthcare providers and handles more than 2.5 billion transactions annually, according to its website.
Persons: Goldman Sachs, Waystar, CPPIB, Echo Wang, David Carnevali, Stephen Coates Organizations: EQT, Plan Investment, Goldman Sachs Group Inc, JPMorgan Chase &, JPMorgan, Bain Capital, Fitch, Medicare, Medicaid Services, Thomson Locations: Canada, Navicure, New York
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