BUZZ-Waystar falls as top shareholders look to cut stake in secondary offering

Reuters
02-19
BUZZ-Waystar falls as top shareholders look to cut stake in secondary offering

** Shares of healthcare payments software provider Waystar WAY.O fall 5.1% to $42.80 premarket

** WAY announced late Tuesday a secondary offering of 18 million shares being offered by the co's top shareholders EQT AB EQTAB.ST, Canada Pension Plan Investment Board and Bain Capital

** EQT, CPPIB, and Bain will own 23.8%, 18.2%, and 13.7%, respectively, of WAY stock after the share sale, according to the offering prospectus

** J.P. Morgan, Goldman Sachs, and Barclays are the joint lead book-running managers for the proposed offering

** WAY stock closed down 0.5% at $45.11 on Tuesday after the firm reported Q4 results

** Co debuted in June in a 45 million share IPO, priced at $21, one of the largest deals of 2024

** WAY has 172.1 million outstanding shares, per SEC filing, giving it a $7.76 billion market cap as of last close

** WAY stock has more than doubled since debut on June 7

(Reporting by Arasu Kannagi Basil in Bengaluru)

((ArasuKannagi.Basil@thomsonreuters.com;))

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