Waystar IPO
Tradingprice, listing and company profile
IPO price$21.50Price range: $20.00 – $23.00
Deal size$967.5M45,000,000 shares
Valuation$3.8BIPO valuation
- IPO filing
- Roadshow
- Pricing
- First trade
- Quiet period
- Lockup
Performance since IPO
Confirmed share price history
No published trading history yet
IPO recap
Confirmed offering terms
Waystar filed IPO documents on May 14, 2024. Confirmed offering terms are shown below.
FiledMay 14
PricingJun 6
First tradeJun 7
Lockup ends—
The short version
Waystar has traded publicly since 2024-06-07. This profile covers the final price, share count, proceeds, business model, operating context and key risks.
Key takeaway 1
Waystar priced 45 million shares at $21.50 and began Nasdaq trading on 7 June 2024.
Key takeaway 2
The business automates healthcare payment and revenue-cycle workflows.
Key takeaway 3
Debt repayment was a central use of proceeds and part of the public-market framing.
Company in detail
What happened at the IPO
Waystar priced its initial public offering at $21.50 per share and began trading on 2024-06-07 on the Nasdaq under WAY. The final price, base share count and gross size are the confirmed transaction terms; they are separate from later market performance.
The deal included 45,000,000 base shares and an over-allotment option for 6,750,000 additional shares. The offering included primary shares from Waystar and a selling-stockholder component.
Company and products
Waystar is Healthcare payments and revenue-cycle management software. Its core offering includes Claims management, payment automation, eligibility, prior authorization and patient financial workflows.
Waystar sits between providers and payers, where accuracy, workflow integration and transaction volume matter. The company’s route to scale therefore depends on both product demand and the operating discipline needed to serve that demand.
Capital, ownership and use of proceeds
The registration materials described the capital structure and the distinction between new shares and shares sold by existing holders. The company planned to use IPO proceeds for debt repayment and general corporate purposes.
The headline gross offering value is not the same as cash retained by the issuer. Underwriting discounts, offering expenses, selling-stockholder proceeds and any concurrent securities must be read separately in the final prospectus.
Financial and operating lens
Healthcare transaction platform: Revenue-cycle workflows across providers and payers. Waystar describes a software and payments network; transaction volume and retention are more informative than a consumer-user count.
The public-market analysis should connect this operating measure to revenue quality, cash conversion, customer or user retention and the cost of expanding the platform. IPO proceeds can extend the runway, but they do not remove execution risk.
Why this IPO matters
Waystar showed the market appetite for recurring healthcare infrastructure with measurable transaction volume and a clear debt-reduction story.
The main questions after the first trade are whether the company can deliver on its stated growth plan, preserve service quality and turn the IPO story into durable public-company results.
- Retention, transaction volume and implementation quality are the core operating checks.
Operating metrics
Healthcare transaction platform
Revenue-cycle workflows across providers and payersWaystar describes a software and payments network; transaction volume and retention are more informative than a consumer-user count.
May 14, 2024Company profile
- Founded
- 2017
- Legal name
- Waystar Holding Corp.
- Listing
- Nasdaq · WAY
- Headquarters
- Lehi, Utah, United States
- Business
- Healthcare payments and revenue-cycle management software.
- Products
- Claims management, payment automation, eligibility, prior authorization and patient financial workflows.
- IPO structure
- The offering included primary shares from Waystar and a selling-stockholder component.
- Use of proceeds
- The company planned to use IPO proceeds for debt repayment and general corporate purposes.
- First trade
- 2024-06-07
- Employees
- No published figure
Timeline
- Public registration filed
Waystar moved from private preparation into a public registration process. Filing terms were preliminary and subject to later pricing.
- IPO priced
Waystar announced a final price of $21.50 per share for the base offering.
- First trading day
The shares began trading on Nasdaq under WAY.
- Closing confirmed
The issuer confirmed completion of the offering and the final capital-market structure.
Healthcare transaction platform
Revenue-cycle workflows across providers and payersWaystar describes a software and payments network; transaction volume and retention are more informative than a consumer-user count.
Base shares offered
45,000,000Base deal size at the final price; the over-allotment option is shown separately.
Final IPO price
$21.50per shareFinal public offering price announced on 2024-06-06; this is the offer price, not a current market quote.
Employees
—No published figure
Net income
—No published figure
Operating cash flow
—No published figure
Revenue
Reported financial periods · USD
$738MFY2023
FY2023
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Financial figures by period
| Period | Revenue | As of |
|---|---|---|
| FY2023 | $738,000,000.00 | Jun 6, 2024 |
Valuation & peers
Price-to-sales, revenue growth and gross margin
Comparable metrics unavailableComparable company figures for the same date are not available.
Revenue growth (%)
| Company | P/S | Growth | GM |
|---|---|---|---|
| Waystar | — | — | — |
| No published peer comparison | |||
Context: Private financing valuations and modeled market values do not establish an IPO valuation. Revenue run-rate is not used here to calculate a price-to-sales ratio.
Private valuation and funding details
Final IPO price
$21.50 per shareFinal public offering price announced on 2024-06-06; this is the offer price, not a current market quote.
Base shares offered
45,000,000Base deal size at the final price; the over-allotment option is shown separately.
Gross base offering
$967.5MGross base offering value calculated from the disclosed base share count and IPO price; it is not net proceeds.
IpoHub score
How we score—Not rated
Balance sheet—
Growth—
Community—
Profitability—
Valuation—
Individual category scores are not available.
Where the money goes
$967.5MIPO raise
Use of proceeds—
Allocation percentages—
Net proceeds—
See the reported use of IPO proceeds below.
Reported use of proceeds
- use
- The company planned to use IPO proceeds for debt repayment and general corporate purposes.
- structure
- The offering included primary shares from Waystar and a selling-stockholder component.
Key risks
Editorial analysisPayer complexity
Healthcare rules and payer behavior can change workflows and implementation costs.
Integration
Providers need reliable integrations into existing clinical and billing systems.
Debt reduction
The equity story is partly tied to using proceeds and cash flow to lower leverage.
Regulatory exposure
Privacy, billing and reimbursement rules create ongoing compliance obligations.
Final deal terms
- Ticker
- WAY
- Exchange
- Nasdaq
- IPO valuation
- $3.8B
- IPO price
- $21.50
- Price range
- $20.00 – $23.00
- Pricing date
- Jun 6, 2024
- First trading day
- Jun 7, 2024
- Shares offered
- 45,000,000
- Deal size
- $967.5M
- Underwriters
- Not confirmed
- Greenshoe shares
- 6,750,000
- Lockup
- Not confirmed
- Quiet period expirations
- Not confirmed
Waystar IPO: where and how to invest
Where can I invest in the Waystar IPO?
Waystar shares have a confirmed trading start on Nasdaq under the ticker WAY. You can buy through a broker that supports that market and makes the shares available to your account. Check the venue, fees and current quote; the market price can differ from the original IPO offer price.
Can I buy Waystar shares now?
Waystar's public trading start is confirmed. Whether you can buy the stock in your account depends on your broker's market access and account rules. A stock-market order buys at available market prices; it is not an IPO allocation at the original offering price.
When is the Waystar IPO?
Waystar's confirmed first trading day was Jun 7, 2024. The offering was priced on Jun 6, 2024.
What is the Waystar IPO share price?
Waystar's confirmed IPO offer price is $21.50 per share. This is the offering price, not a live stock-market quote.
What is Waystar's stock ticker and exchange?
The ticker recorded in this profile is WAY. The exchange recorded here is Nasdaq.
Can I buy Waystar shares before the IPO?
The Waystar offering tracked here already has a confirmed trading start. Buying on the stock market now is therefore not a pre-IPO investment. Check the current quote and available share class with your broker.
Where can I find the Waystar IPO prospectus?
Check Waystar's official investor-relations announcements and publications from the relevant regulator and exchange. A confidential submission or an announcement about it is not a publicly available prospectus. Before subscribing, read the final prospectus for the risks, price, share class and offering terms.
More questions about the Waystar IPO
What does Waystar automate?
Waystar supports healthcare claims, payments, eligibility, authorization and patient financial workflows.
What was the IPO price?
The final IPO price was $21.50 per share.
Why was debt important?
The company said proceeds would help reduce debt and support general corporate purposes.
What is the key operating risk?
Healthcare integration, payer complexity and regulation can slow adoption or increase costs.
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