The Utah-based health care payments company plans to sell 45 million shares for US$20 to US$23 in its Nasdaq public listing, paperwork filed Tuesday shows. The firm’s backers include the Canada Pension Plan Investment Board, Bain Capital and EQT. (The Logic)

Talking point: The high end of the offering would value Waystar at nearly US$4 billion, up from its US$2.7 billion valuation in 2019 when CPP Investments and EQT together bought a majority stake in the firm (but a pittance compared to the estimated value of Succession’s fictional Waystar). The initial public offering would be a boon for its early investors, and another sign that the IPO market is bouncing back, at least in the U.S. Companies have raised over US$17 billion through U.S. IPOs so far this year, according to Bloomberg, compared to US$10.5 billion by this point last year.