Waystar Raises $920M Through EQT's Share Sale
Deal News | Feb 24, 2025 | EQT
EQT, through its affiliate EQT VIII, has completed an underwritten public offering involving the sale of 23 million shares of Waystar Holding Corp, yielding gross proceeds of $920 million. EQT itself sold approximately 9.8 million shares, obtaining around $393 million in gross proceeds, and now retains approximately 38.8 million shares of Waystar. The rest of the shares in the offering were sold by other stockholders. The Company, Waystar, did not sell any shares in the offering nor did it receive any proceeds. J.P. Morgan, Goldman Sachs & Co. LLC, and Barclays played significant roles as joint book-running managers for the offering, which successfully concluded on February 24, 2025.
Sectors
- Private Equity
- Healthcare Technology
- Financial Services
Geography
- United States – Waystar Holding Corp is based in the U.S. and the shares were offered on NASDAQ, a U.S. exchange.
- Sweden – EQT is a private equity firm headquartered in Stockholm, Sweden, involved in the transaction.
Industry
- Private Equity – EQT is a private equity firm actively involved in the sale of shares of its portfolio company, Waystar.
- Healthcare Technology – Waystar Holding Corp operates in the healthcare technology sector, providing revenue cycle management solutions.
- Financial Services – J.P. Morgan, Goldman Sachs & Co. LLC, and Barclays are involved as financial services providers acting as joint book-running managers.
Financials
- USD920 million – Total gross proceeds from the public offering of Waystar shares.
- USD393 million – Gross proceeds received by EQT from selling around 9.8 million shares of Waystar.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| EQT | Selling Company | Company | A global investment firm selling shares of its portfolio company, Waystar, through its affiliate EQT VIII. |
| Waystar Holding Corp. | Target Company | Company | A healthcare technology company whose shares were sold in the public offering. |
| J.P. Morgan | Joint Book-Running Manager | Company | Investment bank acting as a book-running manager for the public offering. |
| Goldman Sachs & Co. LLC | Joint Book-Running Manager | Company | Investment bank serving as a book-running manager for the offering. |
| Barclays | Joint Book-Running Manager | Company | Investment bank participating as a joint book-running manager for the offering. |
| Other Stockholders | Sellers | Company | Stockholders other than EQT who sold shares in the public offering. |