Waystar shares slip in Nasdaq debut after digital health company priced IPO in middle of range | MuaneToraya

5 days ago 29

The Nasdaq Market tract is seen connected the time that shares of Truth Social and Trump Media & Technology Group commencement trading nether the ticker "DJT", extracurricular the Nasdaq Market tract successful New York City, U.S., March 26, 2024. 

Brendan Mcdermid | Reuters

Waystar shares slid astir 3% successful their Nasdaq debut connected Friday, aft the health-care outgo bundle vendor priced its IPO successful the mediate of the expected range.

The banal opened astatine $21 per share, beneath the IPO terms of $21.50 per stock precocious Thursday. In May, Waystar said its expected terms would beryllium betwixt $20 and $23 per share.

The IPO marketplace has been mostly dormant since precocious 2021, erstwhile the extended bull marketplace turned and investors began to interest astir a weakening economy. Few exertion companies person been consenting to instrumentality the leap since past to effort and spell public, and nary integer wellness companies had a nationalist exit successful 2023, according to a report from Rock Health.

But the broader venture-backed tech marketplace whitethorn beryllium opening to thaw. Social media level Reddit, information halfway connectivity spot vendor Astera Labs and information bundle absorption shaper Rubrik person each gone nationalist this year. Health tech institution Tempus AI has besides issued a preliminary prospectus this year.

Based connected Waystar's archetypal stock price, the company's marketplace headdress is astir $3.5 billion. The banal is trading nether the ticker awesome "WAY."

Waystar offers health-care outgo and gross rhythm absorption tools, and facilitates much than 5 cardinal outgo transactions annually, according to its prospectus. The institution was formed successful 2017 aft the health-care outgo companies Navicure and ZirMed merged.

"We're excited astir the accidental to beryllium a nationalist institution due to the fact that we deliberation it helps america with awareness, helps america with credibility, helps america amended our superior operation and allows for further investments successful areas specified arsenic generative AI," Waystar CEO Matt Hawkins told 's "The Exchange" Friday.

For the 4th ending March 31, Waystar generated gross of $224.8 million, up 18% from $191.1 successful the aforesaid play past year. Waystar reported a nett nonaccomplishment of $15.9 cardinal for the 4th compared to $10.6 cardinal a twelvemonth ago.

The institution said it plans to usage the wealth from the offering to wage disconnected existing debt. JPMorgan Chase, Goldman Sachs and Barclays are led the offering.

WATCH: Tech IPOs look hurdles

Startup valuations' interaction   connected  IPOs