EQT completes public offering of common stock of Waystar Holding Corp.

Rhea-AI Summary

EQT has successfully completed a public offering of Waystar Holding Corp. (NASDAQ: WAY) common stock, generating total gross proceeds of $557.0 million. The offering included approximately 14.4 million shares, with underwriters fully exercising their option to purchase an additional 1.9 million shares. EQT sold about 6.2 million shares, receiving $239.6 million in gross proceeds, while retaining approximately 32.6 million shares. The remaining shares were sold by other stockholders. J.P. Morgan, Goldman Sachs & Co. LLC, and Barclays served as joint book-running managers. Waystar did not sell any shares or receive proceeds from this offering.

Positive

• None.

Negative

• Significant insider selling could signal lack of confidence in future growth
• Increased float may lead to stock price pressure
• Company received no proceeds from the offering to fund operations or growth

Insights

Investment Banking Analyst

EQT reduced its stake in Waystar through a $557M public offering, monetizing part of its investment while maintaining significant ownership position.

The $557 million public offering of Waystar Holding Corp (NASDAQ: WAY) stock represents a significant monetization event for private equity firm EQT VIII and other selling stockholders. Through this transaction, EQT sold approximately 6.2 million shares, generating $239.6 million in gross proceeds while reducing its position from roughly 38.8 million to 32.6 million shares.

The strong demand is evidenced by the full exercise of the underwriters' overallotment option for an additional 1.9 million shares. This suggests institutional investor confidence in Waystar's business model and growth prospects. The transaction was priced at approximately $38.68 per share based on the disclosed figures.

Despite the sale, EQT remains a significant shareholder with 32.6 million shares, suggesting the private equity firm sees continued upside while prudently taking some profits. This partial exit aligns with typical private equity investment strategies of gradually reducing positions following a public listing rather than selling entirely at once.

The involvement of premier investment banks including J.P. Morgan, Goldman Sachs, and Barclays as joint book-running managers indicates the institutional quality of the offering. Importantly, Waystar itself did not issue new shares and received no proceeds, meaning this transaction caused no dilution to existing shareholders but simply represented a transfer of ownership from EQT and other selling stockholders to new investors.

• The offering resulted in aggregate gross proceeds of c. USD557.0 million, of which EQT received c. USD239.6 million

NEW YORK, May 20, 2025 /PRNewswire/ -- An affiliate of the fund known as EQT VIII ("EQT") is pleased to announce the completion of an underwritten public offering (the "Offering") of c. 14.4 million shares of common stock of Waystar Holding Corp. (NASDAQ: WAY) (the "Company") ("Shares"), which included the full exercise of the underwriters' option to purchase c. 1.9 million additional shares of common stock, for aggregate gross proceeds of c. USD557.0 million to all the selling stockholders.  As part of the Offering, EQT sold c. 6.2 million Shares (and now holds c. 32.6 million Shares) and received gross proceeds of c. USD239.6 million. The remaining Shares sold in the Offering were sold by other stockholders of the Company. J.P. Morgan, Goldman Sachs & Co. LLC and Barclays acted as joint book-running managers of the Offering, which was completed with respect to the base Shares on May 16, 2025 and with respect to the additional Shares on May 20, 2025, and as representatives of the several underwriters.  The Company did not sell any Shares in the Offering and did not receive any proceeds from the sale of the Shares sold by EQT and the other stockholders.

Contact

EQT Press Office, press@eqtpartners.com 

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Press Release, EQT VIII, Waystar, 200525

View original content:https://www.prnewswire.com/news-releases/eqt-completes-public-offering-of-common-stock-of-waystar-holding-corp-302461139.html

SOURCE EQT

FAQ

How much money did EQT raise from the Waystar (WAY) stock offering?

EQT raised approximately $239.6 million in gross proceeds from selling 6.2 million shares of Waystar Holding Corp.

How many shares of Waystar (WAY) does EQT still own after the offering?

After the offering, EQT still holds approximately 32.6 million shares of Waystar Holding Corp.

What was the total size of the Waystar (WAY) public offering in May 2025?

The total offering was approximately 14.4 million shares, generating aggregate gross proceeds of $557.0 million for all selling stockholders.

Did Waystar (WAY) receive any proceeds from the May 2025 stock offering?

No, Waystar Holding Corp. did not sell any shares in the offering and did not receive any proceeds from the sale of shares by EQT and other stockholders.

Who were the underwriters for the Waystar (WAY) stock offering?

J.P. Morgan, Goldman Sachs & Co. LLC, and Barclays acted as joint book-running managers for the offering.