Healthcare payments software company Waystar Holding Corp (WAY) priced its initial public offering at the midpoint of an expected range and raised $968 million.
Waystar (WAY) sold 45 million shares at $21.50 each after last Tuesday, announcing a range of $20 to $23 per share, according to a statement Thursday. Waystar granted the underwriters a 30-day option to purchase up to an additional 6.75 million shares at the IPO price.
The stock is expected to begin trading on the Nasdaq on Friday under the symbol “WAY.” Waystar intends to use the net proceeds from the offering to repay outstanding debt.
At $968 million, Waystar's IPO is the largest by a U.S. company this year, according to Reuters. Waystar is expected to have a market capitalization of approximately $3.6 billion based on its shares outstanding.
JPMorgan, Goldman Sachs and Barclays are acting as joint managers of the offering.