Waystar Slips 3.7% After 2024’s Biggest IPO by a US Company (2)

Health-care payments software maker Waystar Holding Corp. fell 3.7% in its trading debut after raising $968 million in the year’s largest initial public offering by a US-based company.

Shares of Waystar, whose backers include EQT AB and Canada Pension Plan Investment Board, closed Friday at $20.70, giving the company a market value of about $3.45 billion. The company sold 45 million shares for $21.50, the midpoint of the marketed range. Including debt, the company has an enterprise value of about $5.7 billion.

The listing is the fourth-biggest on a US exchange this year as IPOs ...