Waystar Technologies, a healthcare payments startup, announced its filing for a stock market flotation in the US. They also disclosed an increase in their quarterly sales.
Back in August, Reuters had already hinted at Waystar’s plans for an initial public offering (IPO), which might lead to a valuation of as much as $8 billion.
In August, Waystar took the confidential step of filing for an IPO. This move came as part of a growing trend in new listings, breaking a dry spell that resulted from high interest rates and recession concerns.
However, the performance of some recent high-profile IPOs like Arm and Instacart has been shaky, casting uncertainty on the fledgling revival of IPO markets.
Waystar, known for its software that assists hospitals and clinics in financial management, plans to list its common stock on the Nasdaq using the symbol “WAY.” The specific pricing and the number of shares available for purchase have not been disclosed.
In the three months ending on June 30, the company reported total sales of $196 million, marking an increase from $173.4 million compared to the previous year. Their net loss also slightly reduced, from $10.9 million to $10.8 million year-over-year.
Waystar was established in 2017 due to the merger between two healthcare technology companies, Navicure and ZirMed.