LEHI, Utah, and LOUISVILLE, Ky., May 28, 2024 — Way star Holding Corp. has officially announced the launch of its initial public offering (IPO) consisting of 45,000,000 shares of its common stock. This offering is made pursuant to a registration statement filed with the Securities and Exchange Commission (SEC). An additional 6,750,000 shares may be available to underwriters within a 30-day option period at the initial offering price, minus the underwriting discount. The anticipated initial public offering price ranges between $20.00 and $23.00 per share. Waystar has applied to list its shares on The Nasdaq Global Select Market under the symbol “WAY.”
Use of Proceeds
Way star plans to utilize the net proceeds from this IPO to repay outstanding indebtedness. This strategic move aims to strengthen the company’s financial health and support its ongoing operations and growth initiatives.
Lead Underwriters and Book runners
The IPO is led by major financial institutions. J.P. Morgan, Goldman Sachs & Co. LLC, and Barclays are acting as joint lead book-running managers and representatives of the underwriters. The joint book runners include William Blair, Ever core ISI, BofA Securities, RBC Capital Markets, and Deutsche Bank Securities. Additionally, Canaccord Genuity and Raymond James are serving as co-managers for the offering.
Prospectus Availability
Investors interested in the offering can obtain copies of the preliminary prospectus from:
– J.P. Morgan Securities LLC
– c/o Broad ridge Financial Solutions
– 1155 Long Island Avenue, Edgewood, NY 11717
– Email: prospectus-eq_fi@jpmchase.com
– Goldman Sachs & Co. LLC
– Attention: Prospectus Department
– 200 West Street, New York, NY 10282
– Telephone: (866) 471-2526
– Email: prospectus-ny@ny.email.gs.com
– Barclays Capital Inc.
– c/o Broad ridge Financial Solutions
– 1155 Long Island Avenue, Edgewood, NY 11717
– Telephone: (888) 603-5847
– Email: barclaysprospectus@broadridge.com
Regulatory Compliance
A registration statement on Form S-1 related to the proposed offering has been filed with the SEC but is not yet effective. These securities cannot be sold, nor offers to buy be accepted, until the registration statement becomes effective. This announcement does not constitute an offer to sell or solicit an offer to buy any securities and does not constitute an offer, solicitation, or sale in any jurisdiction where such actions would be unlawful before registration or qualification under the securities laws of that jurisdiction. All offers and sales of securities will comply with the registration requirements of the Securities Act of 1933, as amended.
Forward-Looking Statements
This press release contains forward-looking statements, which are identifiable by terms such as “anticipate,” “assume,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “future,” “will,” “seek,” “foreseeable,” and similar expressions. These statements encompass all non-historical facts, including those concerning the commencement of Way star’s common stock trading on Nasdaq, the size, and expected price range of the IPO. Forward-looking statements are subject to various risks, uncertainties, and assumptions. These are detailed in the “Risk Factors” section of Way star’s registration statement. Way star is not obligated to update these forward-looking statements to reflect actual results or revised expectations, except as required by law.
About Waystar
Way star is a leading provider of mission-critical software designed to streamline healthcare payments, enabling providers to focus on patient care and optimize their financial performance. Serving approximately 30,000 clients and over 1 million distinct providers, including 18 of the top 22 institutions on the U.S. News Best Hospitals list, Way star’s enterprise-grade platform processes more than 5 billion healthcare payment transactions annually, with over $1.2 trillion in gross claims. The platform covers approximately 50% of U.S. patients.
Mission and Impact
Way star is committed to transforming healthcare payments, allowing providers to dedicate more time and resources to patient care and community well-being. The company’s advanced technology and comprehensive solutions are instrumental in improving the efficiency and accuracy of healthcare financial transactions, thereby enhancing the overall healthcare delivery system.
Strategic Vision
By launching this IPO, Way star aims to further its mission of simplifying healthcare payments on a larger scale. The proceeds from the offering will enable the company to repay debts, invest in new technologies, expand its market presence, and drive innovation in healthcare payment solutions
The move to go public marks a significant milestone in its journey to revolutionize healthcare payments. With a strong foundation and a clear vision for the future, they poised to make a substantial impact on the healthcare industry and beyond.
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