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

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 Bottom-Up

<ul>
<li>Waystar Holding,  American provider of mission-critical cloud software to healthcare organizations, completed its IPO in June and raised ~$968M to repay outstanding indebtedness.</li>
<li>Waystar Holding shares have outperformed the Nasdaq Composite Index (+31.5%) in 2024 with shares up ~44% year-to-date. IPO investors are also up ~44%.  </li>
<li>I expect downward pressure on the stock as IPO lock-up period ends on December 6th, 2024, and all ~176M Waystar Holding shares will be eligible for trading.  </li>
</ul>


Waystar Holding,  American provider of mission-critical cloud software to healthcare organizations, completed its IPO in June and raised ~$968M to repay outstanding indebtedness.
Waystar Holding shares have outperformed the Nasdaq Composite Index (+31.5%) in 2024 with shares up ~44% year-to-date. IPO investors are also up ~44%.  
I expect downward pressure on the stock as IPO lock-up period ends on December 6th, 2024, and all ~176M Waystar Holding shares will be eligible for trading.  


Waystar IPO Lock-Up: CPPIB and EQT Recorded Large Gains Since IPO and $2.7B Deal With Bain Capital