WAY
Waystar Holding CORP
NASDAQ
S-1/A: Waystar Holding Corp. Files Amendment No. 5 to Form S-1 for Proposed IPO
Sentiment:
S-1/A Filing
29 April 2024 5:23 PM
Waystar Holding Corp. has filed an amendment to its Form S-1 registration statement, outlining the underwriting agreement for its initial public offering of common stock.
Capital raise
Waystar Holding Corp. proposes to issue and sell shares of common stock to the several underwriters.
The underwriters have an option to purchase additional shares of common stock from the company.
The company intends to use the net proceeds from this offering to repay $ million aggregate principal amount of indebtedness under our First Lien Credit Facility, with any remainder to be used for general corporate purposes.
Summary
- Waystar Holding Corp. has filed an amendment to its registration statement for a proposed IPO.
- The document outlines an underwriting agreement between Waystar and several underwriters, including J.P. Morgan Securities LLC, Goldman Sachs & Co. LLC, and Barclays Capital Inc.
- The company plans to issue and sell an aggregate of an unspecified number of common stock shares, with an option for the underwriters to purchase additional shares.
- The underwriters will purchase the shares at a price of $[ ] per share.
- The underwriting agreement details the representations, warranties, and agreements between Waystar and the underwriters, as well as the conditions for the closing of the transaction.
- The document also includes information about indemnification, termination rights, and payment of expenses related to the offering.
Sentiment
Score: 7
Explanation: The document is a standard legal agreement for an IPO, so the sentiment is neutral. The presence of reputable underwriters is a positive sign, but the lack of specific financial details and the inherent risks of an IPO temper the overall outlook.
Positives
- The document confirms Waystar's progress towards becoming a publicly traded company.
- The involvement of reputable underwriters such as J.P. Morgan and Goldman Sachs suggests confidence in the offering.
- The underwriting agreement provides a framework for the successful execution of the IPO.
Negatives
- The document lacks specific details regarding the number of shares to be offered and the exact pricing, making it difficult to assess the potential value of the offering.
- The company has a history of net losses and may not achieve or maintain profitability.
Risks
- The success of the IPO is subject to market conditions and investor demand.
- The company's future performance is subject to various risks, including competition, regulatory changes, and technological advancements.
- The company's substantial debt could adversely affect its financial position and ability to raise additional capital.
Future Outlook
The Company intends to list the Shares on the Nasdaq Global Select Market.
Industry Context
This announcement is typical for companies preparing to go public, as it formalizes the relationship with the underwriters who will manage the offering process. The healthcare technology sector has seen increased investor interest, but market volatility could impact the success of the IPO.
Comparison to Industry Standards
- Comparable companies in the healthcare technology sector, such as Veeva Systems and athenahealth, have also utilized underwriting agreements with similar terms for their public offerings.
- The specific terms of the underwriting agreement, including the underwriting discount and the size of the offering, will be crucial in determining the success of Waystar's IPO compared to industry benchmarks.
- The lock-up agreements with key shareholders are standard practice to ensure market stability post-IPO, similar to those seen in other tech IPOs like Snowflake and Databricks.
Stakeholder Impact
- Shareholders: Existing shareholders will experience dilution, while new investors will gain ownership in the company.
- Employees: The IPO could create new opportunities for employees through stock options and increased company value.
- Customers: The IPO could lead to increased investment in product development and customer service.
- Creditors: The repayment of debt will improve the company's financial stability.
Next Steps
- The underwriters will market the shares to potential investors.
- The company and underwriters will determine the final offering price and number of shares to be sold.
- The IPO will be executed, and the shares will be listed on the Nasdaq Global Select Market.
Key Dates
- August 13, 2019: Original Certificate of Incorporation filed for Derby TopCo, Inc.
- October 22, 2019: Waystar Technologies, Inc. enters into First Lien Credit Agreement.
- [ ], 2024: Date of the Underwriting Agreement.
- April 29, 2024: Date of the S-1/A filing.
Keywords
IPO, underwriting agreement, common stock, registration statement, Waystar, offering, securities, underwriters, shares, financial
WAY
Waystar Holding CORP
NASDAQ
Sector: TBD
Filings with Classifications
Better than expected
30 April 2025 8:06 PM
Quarterly Report
- The company's revenue increased by 14.1% compared to the same period in the prior year.
- Net income improved significantly from a net loss to a net income of $29.3 million.
- Adjusted EBITDA increased by 16.2% compared to the same period in the prior year.
Better than expected
30 April 2025 4:05 PM
Earnings Release
- The company raised its full-year revenue and adjusted EBITDA guidance, indicating better-than-expected performance.
- The company's Q1 revenue growth of 14% year-over-year exceeded initial expectations.
Worse than expected
26 February 2025 4:30 PM
SEC Form 4 Filing
- A major shareholder selling a significant number of shares is generally viewed negatively by the market.
Capital raise
20 February 2025 9:00 PM
Registration Statement
- Waystar Holding Corp. is registering 2,300,000 additional shares of common stock.
- The proposed maximum offering price per share is $40.00.
- The maximum aggregate offering price for the new shares is $92,000,000.00.
- The underwriters have an option to purchase an additional 300,000 shares.
Better than expected
18 February 2025 6:46 AM
Annual Results
- The company's net loss decreased from $51.3 million in 2023 to $19.1 million in 2024.
- The company's revenue increased from $791.0 million in 2023 to $943.5 million in 2024.
Better than expected
18 February 2025 6:45 AM
Earnings Release
- The company's revenue and adjusted EBITDA exceeded expectations for the fourth quarter and full year 2024.
- The net loss improved significantly year-over-year.
- The company's guidance for fiscal year 2025 indicates continued growth and profitability.
Better than expected
30 December 2024 4:10 PM
Credit Agreement Amendment
- The document indicates better results as the company has secured lower interest rates on its term loans and revolving credit facility, which will reduce its borrowing costs.
Better than expected
6 November 2024 4:14 PM
Quarterly Report
- The company's net income of $5.4 million in Q3 2024 is a significant improvement from the net loss of $15.5 million in Q3 2023.
- The company's revenue growth of 21.7% year-over-year is a strong performance.
- The company's adjusted EBITDA increased year-over-year, indicating improved operational efficiency.
Better than expected
6 November 2024 4:07 PM
Quarterly Report
- The company's revenue growth of 22% year-over-year exceeded the 20% growth reported in the previous quarter, indicating an acceleration in business performance.
Worse than expected
7 August 2024 4:07 PM
Quarterly Report
- The company's net loss increased significantly compared to the same period last year, driven by higher operating expenses, particularly stock-based compensation and third-party fees related to debt repricing.
Capital raise
7 August 2024 4:07 PM
Quarterly Report
- Waystar completed its initial public offering (IPO) in June 2024, issuing 45,000,000 shares of common stock at $21.50 per share.
- The company received total proceeds of $914.3 million after deducting underwriting discounts and commissions.
- The underwriters exercised their option to purchase an additional 5,059,010 shares, resulting in additional net proceeds of $102.8 million.
- The company used the net proceeds from the IPO to repay $909.1 million of outstanding principal indebtedness under its First Lien Credit Facility.
Capital raise
28 May 2024 6:32 AM
Merger Announcement
- Waystar Holding Corp. is planning an initial public offering (IPO) to sell 45,000,000 shares of its common stock.
- The anticipated price range for the shares is between $20.00 and $23.00 per share.
- The underwriters have an option to purchase up to 6,750,000 additional shares.
- Neuberger Berman Investment Advisers LLC and a wholly owned subsidiary of Qatar Investment Authority (QIA) have indicated an interest in purchasing up to an aggregate of $225.0 million in shares of common stock in this offering at the initial public offering price.
- The company intends to use the net proceeds from this offering to repay outstanding indebtedness under its First Lien Credit Facility.
Capital raise
16 May 2024 11:56 AM
S-1/A Filing
- Waystar Holding Corp. is proposing an initial public offering of its common stock.
- The company intends to list its common stock on the Nasdaq Global Select Market under the symbol WAY.
- The IPO aims to raise funds to repay debt under the First Lien Credit Facility and for general corporate purposes.
- The underwriters have an option to purchase up to additional shares of common stock from the company.
Capital raise
29 April 2024 5:23 PM
S-1/A Filing
- Waystar Holding Corp. proposes to issue and sell shares of common stock to the several underwriters.
- The underwriters have an option to purchase additional shares of common stock from the company.
- The company intends to use the net proceeds from this offering to repay $ million aggregate principal amount of indebtedness under our First Lien Credit Facility, with any remainder to be used for general corporate purposes.
Capital raise
22 March 2024 5:11 PM
S-1/A Filing
- Waystar Holding Corp. is conducting an initial public offering of its common stock.
- The company intends to use the net proceeds from the offering to repay debt and for general corporate purposes.
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