Opening Day: Healthcare payment tech company Waystar raises nearly $1B in IPO

Healthcare payment technology company Waystar raised $967.5M in its initial public offering to cap the week, but received a lukewarm initial reception. Meanwhile, shares of the popular family and child safety tracking app Life360 made their U.S. public debut on Thursday, opening for trading just below the IPO price of $27.

LATEST IPOS AND DIRECT LISTINGS:

Waystar (WAY) opened on June 7 at $21 after having priced 45M shares at $21.50, the midpoint of a $20.00-$23.00 range. Waystar serves approximately 30,000 clients, representing over 1M distinct providers, including 18 of 22 institutions on the U.S. News Best Hospitals list, and its platform annually processes over 5B healthcare payment transactions, including over $1.2T in annual gross claims, the company has noted.

Rapport Therapeutics (RAPP) opened on June 7 at $18 after the clinical-stage biotechnology company priced 8M shares at $17.00. The deal priced awaystart the midpoint of the $16.00-$18.00 range. Rapport is dedicated to discovering and developing precision neuromedicines for patients suffering from central nervous system, or CNS, disorders. The company’s lead clinical program, RAP-219, is currently advancing in clinical trials in focal epilepsy, peripheral neuropathic pain, and bipolar disorder.

Gauzy (GAUZ) opened on June 6 at $16.70. The company had priced 4.167M shares at $17.00. The deal size was increased to 4.41M shares of common stock from 4.2M shares of common stock and priced at the low-end of the $17.00-$19.00 range. Gauzy identifies itself as “a fully-integrated light and vision control company, focused on the research, development, manufacturing, and marketing of vision and light control technologies.”

Fly-E Group (FLYE) opened on June 6 at $5.50. The firm had priced 2.25M shares at $4.00. The deal size was reduced to 2.25M shares from 3.0M and priced at the low end of the $4.00-$5.00 range. Fly-E Group is an electric vehicle company that is principally engaged in designing, installing and selling smart electric motorcycles, electric bikes, electric scooters and related accessories under the brand “Fly E-Bike.”

Life360 (LIF) opened on June 6 at $26. The company had priced 5.75M shares at $27.00. Life360, a family connection and safety company that offers a mobile app and Tile tracking devices, said that, “The company intends to use the net proceeds it receives from the proposed offering to increase its capitalization and financial flexibility, to create a public market for its common stock in the United States and for general corporate purposes, including working capital, operating expenses and capital expenditures. The company, with headquarters in the San Francisco area and pre-existing SEC reporting obligations, views the offering and increased exposure to U.S. investors as a natural next-step in its growth. The company’s CHESS Depositary Interests, representing underlying shares of common stock on a 3 CDIs-for-1 share of common stock basis, will remain listed on the Australian Securities Exchange.”

RECENT SPAC IPOS: Chenghe Acquisition II (CHEB) opened on June 7 at $10.04. The blank check company intends to focus its search on “growing companies in Asian markets or global companies with a presence or focus in Asia.”

END OF THE WEEK PERFORMANCE:

• Waystar – $20.70; ND
• Rapport Therapeutics – $20.80; ND
• Gauzy – $15.74; ND
• Fly-E Group – $4; ND
• Life360 – $27.14. ND

UPCOMING IPOS: Upcoming IPO and direct listings expected include Powell Max (PMAX), Telix Pharmaceuticals (TLPPF), Cuprina Holdings (CUPR), ShipBob, and StubHub.

Click here to see upcoming IPO calendar on TipRanks.

Powell Max Limited has filed for an initial public offering of the Class A ordinary shares of the company, which is incorporated in the British Virgin Islands with limited liability and whose principal place of business is in Hong Kong. The company is offering on a firm commitment basis 1.65M Class A Ordinary Shares of Powell Max, representing approximately 11.7% of the ordinary shares following completion of this offering, assuming the underwriters do not exercise their over-allotment option.

“The offering price of our Class A Ordinary Shares in this offering is expected to be between $4.00 and $6.00 per share. We have applied to list our Class A Ordinary Shares on the Nasdaq Capital Market under the symbol ‘PMAX.’ The closing of this offering is contingent upon the final approval from Nasdaq for our listing on Nasdaq Capital Market. There is no guarantee or assurance that our Class A Ordinary Shares will be approved for listing on Nasdaq Capital Market or that the offering will be closed,” the filing stated. “Founded in 2019, we engage in the provision of financial communications services that support capital market compliance and transaction needs for corporate clients and their advisors in Hong Kong. Our financial communications services cover a full range of financial printing, corporate reporting, communications and language support services from inception to completion, including typesetting, proofreading, translation, design, printing, electronic reporting, newspaper placement and distribution,” the filing added.

Telix Pharmaceuticals announces the launch of its initial public offering in the United States of 17,000,000 American Depositary Shares, each representing one ordinary share in Telix. The target size of the Offering is $200 million in gross proceeds. In addition, Telix expects to grant the Underwriters a 30-day option to purchase up to an additional 15% of the number of ADSs sold in the Offering at the initial public offering price, less underwriting discounts and commissions. Telix has applied to list its ADSs on the Nasdaq Global Market under the ticker symbol “TLX.” Telix’s ordinary shares are listed, and upon the completing of the Offering, will continue to trade on the Australian Securities Exchange under the symbol “TLX.”

In a regulatory filing, Cuprina Holdings disclosed a public offering prospectus to be used for the initial public offering of 2.5M of the company’s Class A Ordinary Shares as well as a resale prospectus to be used for the potential resale by Ms. Dorea Quek En Qi and Mr. Bryan Teo Ying Jie, collectively, the resale shareholders, of 1.5M Class A Ordinary Shares. Each of the resale shareholders owns 4.50% of the company’s issued and outstanding shares immediately prior to this offering, or 810,000 Class A Ordinary Shares, the filing noted.

The prospectus states that, “We are a Singapore-based biomedical and biotechnology company that is dedicated to the development and commercialization of innovative products for the management of chronic wounds, as well as operating in the health and beauty sectors. Our expertise in biomedical research allows us to identify and utilize materials derived from natural sources to develop wound care products in the form of medical devices which meet international standards. We believe we will be able to build upon and leverage such expertise to develop innovative cosmeceutical products in the future. As of December 31, 2023, we manufactured and distributed a line of medical grade sterile blowfly larvae bio-dressing products marketed under the MEDIFLY brand name, or the MEDIFLY products. The MEDIFLY products are used as a biological debridement tool for chronic wounds, in a procedure known as Maggot Debridement Therapy, or MDT, which is an effective alternative to surgical debridement. In addition to our currently commercialized MEDIFLY products, we have two lines of chronic wound care products in our pipeline.”

ShipBob has selected JPMorgan (JPM) to lead its planned listing, Bloomberg’s Amy Or, Gillian Tan, and Ryan Gould report, citing people familiar with the situation. The Chicago-based ecommerce fulfillment service provider has also chosen Citigorup (C) as part of the syndicate, the authors say. An initial public offering could occur as soon as later this year and could value the company at $4B, the authors note.

Online ticketing marketplace StubHub aims to go public by late summer, people close to the company told The Information‘s Cory Weinberg. StubHub has more than $2B in debt, which is “many times its estimated profits,” so the company will test investors’ appetite for companies with strained balance sheets while StubHub has “ambitious hopes for the valuation it would achieve,” further complicating matters, the report noted. The company would prefer to be valued in line with the $16.5B valuation at which it raised money during the boom of late 2021 and could call off the public listing plans if it can’t get close to that number, the sources indicated.

OTHER IPO NEWS: Cloud computing startup CoreWave, one of the biggest beneficiaries of the artificial intelligence boom, has been on a fundraising spree over the past year from some of the deepest pockets on Wall Street, The Information‘s Cory Weinberg writes. Now it’s planning an initial public offering. The started has started early preparations to go public by the first half of the next year, said a person familiar with the matter.

Opening Day” is The Fly’s recurring series of stories on the latest initial public offerings, their performance, and upcoming IPOs.