By Echo Wang
NEW YORK (Reuters) -Waystar, a private equity-owned provider of software that helps hospitals and doctors’ practices manage their finances, has raised $968 million in its initial public offering, people familiar with the matter said on Thursday.
Waystar priced the IPO of 45 million shares at the middle of its $20-to-$23-per-share indicated range, the sources said. This gives Waystar a fully diluted valuation of $3.69 billion.
The sources requested anonymity ahead of an official announcement.
Waystar and its major shareholders, buyout firm EQT and the Canada Pension Plan Investment Board, declined to comment.
The progress in Waystar’s IPO shows the market for new listings remains open after aluminium recycler Novelis pulled its stock market debut that would have raised as much as $945 million earlier this week.
The company blamed “adverse market conditions,” but sources close to the IPO effort said Novelis’ owner – India’s Hindalco Industries – could have gone ahead, and that they were not given the real reason.
(Reporting by Echo Wang in New York, editing by Deepa Babington, Chizu Nomiyama and Sonali Paul)
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