Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

A highly collaborative investment professional and research analyst with 10+ years of international experience in equity research, treasury operations, and trading positions across multiple asset classes at leading multinational banks Citibank and Morgan Stanley, UHNWI-backed family office and European independent equity research firm. A respectable background in equity capital markets, corporate treasury, investment banking operations, equity research analysis and portfolio management.

Waystar IPO Valuation Analysis: Lack of Bullish Catalysts and Weak Post-Listing Performance

Waystar IPO Preview: Debt-Fueled Expansion Through M&A Deals In A High-Interest Rate Environment

Equity Capital Markets

<ul>
<li>Waystar Holding, provider of mission-critical cloud software to healthcare organizations, set terms for an IPO and plans to raise ~$970M in the upcoming Nasdaq offering.</li>
<li>The initial public offering is expected to be between $20.00 and $23.00. At the midpoint, Waystar Holding has a market value of ~$3.7B based on 173.4M fully diluted shares.</li>
<li>In my insight, I discuss valuation framework for comparable company analysis and research multiples of M&amp;A transactions, including Athenahealth, Cerner and Change Healthcare. </li>
</ul>


Waystar Holding, provider of mission-critical cloud software to healthcare organizations, set terms for an IPO and plans to raise ~$970M in the upcoming Nasdaq offering.
The initial public offering is expected to be between $20.00 and $23.00. At the midpoint, Waystar Holding has a market value of ~$3.7B based on 173.4M fully diluted shares.
In my insight, I discuss valuation framework for comparable company analysis and research multiples of M&amp;A transactions, including Athenahealth, Cerner and Change Healthcare. 


Waystar Holding: IPO Price (Midpoint): $21.50. PT: $17.50, ~19% Downside. Move To Sidelines