Waystar drops after launching secondary offering by top holders
** Shares of healthcare payments software provider Waystar WAY.O down 4.5% at $38.67 in extended trading after secondary offering news
** Utah-headquartered Waystar says Swedish private equity firm EQT AB EQTAB.SB, Bain Capital and Canada Pension Plan Investment Board (CPPIB) to offload 18 mln shares
** JP Morgan is the underwriter for the offering
** Prior to the offering, EQT owns ~32.65 mln shares, CPPIB has ~24.96 mln shares and Bain holds ~18.06 mln shares, per LSEG data
** Waystar has ~174.2 mln shares outstanding for about $7 bln market cap
** WAY shares on Weds ended down 1% at $40.50, cutting YTD gain to 10.4%
** Co debuted in Jun 2024 after 45 mln share IPO priced at $21.50
** All 15 analysts covering the stock are bullish and median PT is $50, per LSEG
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