Healthcare payments startup Waystar makes IPO filing public

Healthcare payments startup Waystar Technologies on Monday made public its filing for a US stock market flotation and revealed a rise in quarterly sales.

Reuters reported in August that Waystar was eyeing an initial public offering (IPO) that could value it at up to $8 billion.

Waystar confidentially filed for an IPO later in August, joining a wave of new listings that followed a months-long dry spell wrought by high interest rates and fears of a recession.

Still, shares of some recent high-profile entrants such as chip designer Arm and grocery delivery firm Instacart have wobbled since their debuts, raising doubts about the nascent revival in IPO markets.

Waystar, which provides software that helps hospitals and clinics manage their finances, said it intends to list its common stock on the Nasdaq under the symbol "WAY".

It did not announce the pricing and number of shares on offer.

Total sales of the company for the three months ended June 30 was $196 million, compared with $173.4 million a year earlier, it said.

Its net loss slightly narrowed to $10.8 million from $10.9 million last year. Waystar was formed in 2017 through the merger of healthcare tech firms Navicure and ZirMed.