Waystar Technologies, the healthcare payments start-up, is readying to IPO after publicly disclosing its filing for a US stock market flotation, while also revealing an increase in quarterly sales.
Following a dry spell in initial public offerings (IPOs) due to high interest rates., weaker valuations and recession fears, Waystar joins the wave of new listings, which has seen Birkenstock, Arm Holdings and Instacart (NASDAQ:CART) all list in recent months.
Despite the rush of IPOs, most companies which have listed have experienced sharp share price falls early on, with Arm down 18% and Instacart (NASDAQ:CART) already 26% lower.
Hoping to achieve a valuation of up to $8 billion, the Kentucky-based software group plans to list its common stock on Nasdaq under the symbol 'WAY'.
Although pricing and share details were not announced, Waystar reported quarterly sales of US$196 million, up from US$173.4 million the previous year, while its net loss remained almost unchanged at US$10.8 million.
Formed in 2017 through the merger of healthcare tech firms Navicure and ZirMed, Waystar offers software aiding hospitals and clinics in financial management.