Waystar launches IPO, aims to raise $1B

Waystar launched its initial public offering May 28 and with the goal of raising around $1 billion, according to a news release from the company.

Five details:

1. Waystar set its IPO of 45 million shares at $20 to $23 per share and expects to grant underwriters in the offering 30 days to purchase up to 6.7 million shares of common stock at the IPO price.

2. The healthcare payments company plans to use net proceeds to repay outstanding indebtedness. Waystar has acquired HealthPay24 and Patientco, a patient payments, communication and engagement software, over the last three years.

3. J.P. Morgan, Goldman Sachs & Co., and Barclays are acting as joint lead book-running managers and representing the underwriters.

4. The Form S-1 for the proposed IPO was filed with the Securities and Exchange Commission, but hasn't become effective yet.

5. Waystar has been busy forging meaningful partnerships as well. A few days before launching its IPO, the company announced plans to include Google Cloud's generative AI technology in its platform to automate more work, improve accuracy and create a more intuitive user experience.

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