BUZZ-Waystar falls as top shareholders look to cut stake in secondary offering

Shares of healthcare payments software provider Waystar WAY.O fall 5.1% to $42.80 premarket

WAY announced late Tuesday a secondary offering of 18 million shares being offered by the co's top shareholders EQT AB EQTAB.ST, Canada Pension Plan Investment Board and Bain Capital

EQT, CPPIB, and Bain will own 23.8%, 18.2%, and 13.7%, respectively, of WAY stock after the share sale, according to the offering prospectus

J.P. Morgan, Goldman Sachs, and Barclays are the joint lead book-running managers for the proposed offering

WAY stock closed down 0.5% at $45.11 on Tuesday after the firm reported Q4 results

Co debuted in June in a 45 million share IPO, priced at $21, one of the largest deals of 2024

WAY has 172.1 million outstanding shares, per SEC filing, giving it a $7.76 billion market cap as of last close

WAY stock has more than doubled since debut on June 7