EQT-Backed Waystar Seeks as Much as $1.04 Billion in IPO (1)

Health-care payments software maker Waystar Holding Corp. is seeking to raise as much as $1.04 billion in an initial public offering that would be among the year’s biggest.

Waystar, whose backers include EQT AB and Canada Pension Plan Investment Board, is offering 45 million shares for $20 to $23 each, according to a filing Tuesday.

Waystar’s investors also include Bain Capital and Francisco Partners and their affiliates, each of which controls 5% or more of the company’s shares, according to its filings.

The company filed publicly for a Nasdaq listing in October, and the company has been monitoring market ...