Waystar delays IPO until at least December - WSJ
economictimes.indiatimes.comWaystar, which was set to launch its initial public offering (IPO) roadshow to pitch investors this week, has now delayed it until at least December, the Wall Street Journal reported on Tuesday.
Reuters reported in August that Louisville, Kentucky-based Waystar was eyeing an IPO that could value the company at as much as $8 billion, including debt.
The company will likely wait until 2024, the Journal's report added, citing people familiar with the matter.
Waystar did not immediately comment on the report.
Waystar, which provides software that helps hospitals and clinics manage their finances, has said it intends to list its common stock on the Nasdaq under the symbol «WAY».
The company was formed in 2017 through the merger of Navicure and ZirMed. The company develops payment software helping clients such as large hospital systems with the collection of bills from patients.
Waystar made its IPO filing public in October after confidentially filing it 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.
Still, hopes of the new listings — including those of chip designer Arm, and grocery delivery app Instacart — buoying the IPO market were dashed after the stocks fell below their IPO price soon after debut.
Earlier this month, Birkenstock's shares ended more than 12% below its IPO price in an underwhelming Wall Street debut that signaled investors remain cautious about new listings.
Waystar was valued at $2.7 billion when EQT and CPPIB acquired a majority stake in the company in 2019 from Bain Capital, which stayed on as a minority investor.
