Waystar Completes Public Offering with EQT's Share Sale
Deal News | May 20, 2025 | EQT
EQT, through its affiliated fund EQT VIII, has successfully completed a public offering of Waystar Holding Corp.'s common stock, amounting to approximately 14.4 million shares. The offering, which included exercising the underwriters' option to purchase an additional 1.9 million shares, resulted in total gross proceeds of approximately $557.0 million for all selling stockholders. EQT itself sold about 6.2 million shares, raising around $239.6 million, while retaining 32.6 million shares in Waystar. The underwriting was managed by J.P. Morgan, Goldman Sachs & Co. LLC, and Barclays, who acted as joint book-running managers. The offering was completed in two stages, with base shares on May 16, 2025, and the additional shares on May 20, 2025. Notably, Waystar did not issue any new shares or receive proceeds from this transaction.
Sectors
- Private Equity
- Healthcare Technology
- Investment Banking
Geography
- United States – Waystar Holding Corp. is listed on NASDAQ and operates primarily within the United States.
Industry
- Private Equity – EQT, a prominent private equity firm, is central to this stock offering transaction.
- Healthcare Technology – Waystar operates in the healthcare technology sector, providing revenue cycle management solutions.
- Investment Banking – The involvement of major banks like J.P. Morgan, Goldman Sachs, and Barclays indicates their role in underwriting and managing the stock offering.
Financials
- USD557.0 million – Aggregate gross proceeds from the public offering for all selling stockholders.
- USD239.6 million – Gross proceeds EQT received from selling approximately 6.2 million shares.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Waystar Holding Corp. | Target Company | Company | Provider of healthcare revenue cycle management technology solutions. |
| EQT | Selling Shareholder | PE Firm | A private equity firm that held and sold a significant number of Waystar shares as part of the offering. |
| J.P. Morgan | Underwriter | Company | Investment bank serving as a joint book-running manager for the stock offering. |
| Goldman Sachs & Co. LLC | Underwriter | Company | Investment bank acting as a joint book-running manager for the offering. |
| Barclays | Underwriter | Company | Financial services company acting as a joint book-running manager for the stock offering. |