Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

A highly collaborative investment professional and research analyst with 10+ years of international experience in equity research, treasury operations, and trading positions across multiple asset classes at leading multinational banks Citibank and Morgan Stanley, UHNWI-backed family office and European independent equity research firm. A respectable background in equity capital markets, corporate treasury, investment banking operations, equity research analysis and portfolio management.

Waystar IPO Lock-Up: CPPIB and EQT Recorded Large Gains Since IPO and $2.7B Deal With Bain Capital

Waystar Holding: IPO Price (Midpoint): $21.50. PT: $17.50, ~19% Downside. Move To Sidelines

Waystar IPO Valuation Analysis: Lack of Bullish Catalysts and Weak Post-Listing Performance

Equity Bottom-Up

<ul>
<li>Waystar Holding, a provider of mission-critical cloud software for healthcare organizations, priced its public offering of 20M shares of common stock.</li>
<li>Key selling stockholders, including EQT, CPPIB and Bain Capital offered 20M shares at $40.00 per share and cut their Waystar Holding stakes.  </li>
<li>Waystar Holding will not receive any proceeds from the sale of the shares by the selling stockholders. The company reported revenue growth of ~19% in FY24.  </li>
</ul>


Waystar Holding, a provider of mission-critical cloud software for healthcare organizations, priced its public offering of 20M shares of common stock.
Key selling stockholders, including EQT, CPPIB and Bain Capital offered 20M shares at $40.00 per share and cut their Waystar Holding stakes.  
Waystar Holding will not receive any proceeds from the sale of the shares by the selling stockholders. The company reported revenue growth of ~19% in FY24.  


Waystar Holding: EQT, CPPIB and Bain Capital Cut Their Stakes After Record Year of Growth