Waystar, a healthcare payments company, saw its shares fall 2.3% below its IPO price in its Nasdaq debut. The company’s valuation is now at $3.50 billion. The stock opened at $21, slightly lower than the IPO price of $21.50. Waystar raised $967.5 million by selling 45 million shares, with backing from EQT AB and CPPIB. This underwhelming debut goes against the trend of surging stock prices on IPOs in the U.S. market. Investors remain selective despite the optimism surrounding high-profile IPOs. The IPO was underwritten by a syndicate of 10 banks.