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Waystar shares slip in Nasdaq debut after digital health company priced IPO in middle of range

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Shares of Waystar fell in their trading debut on Friday in one of the first tech IPOs of the year.

For the quarter ending March 31, Waystar said it generated revenue of $224.8 million, up 18% from the same period last year.shares slid about 3% in their Nasdaq debut on Friday, after the health-care payment software vendor priced its IPO in the middle of the expected range.price of $21.50 per share late Thursday. In May, Waystar said its expected price would be between $20 and $23 per share.

The IPO market has been largely dormant since late 2021, when the extended bull market turned and investors began to worry about a weakening economy. Few technology companies have been willing to take the leap since then to try and go public, and no digital health companies had a public exit in 2023, according to aBased on Waystar's initial share price, the company's market cap is about $3.5 billion. The stock is trading under the ticker symbol"WAY.

Waystar offers health-care payment and revenue cycle management tools, and facilitates more than 5 billion payment transactions annually, according to itsAlex Jones asks to convert personal bankruptcy into a liquidation to pay Sandy Hook families "We're excited about the opportunity to be a public company because we think it helps us with awareness, helps us with credibility, helps us improve our capital structure and allows for further investments in areas such as generative AI," Waystar CEO Matt Hawkins told CNBC's"The Exchange" Friday.

For the quarter ending March 31, Waystar generated revenue of $224.8 million, up 18% from $191.1 in the same period last year. Waystar reported a net loss of $15.9 million for the quarter compared to $10.6 million a year ago.

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