Wellstar, the medical software business spun out of Vancouver-based Well Health Technologies, began trading on the TSX Venture Exchange on Thursday, Oct. 1, 2026, under the ticker WSTR, according to BetaKit.
BetaKit reports the shares were priced at $7.25 at the time of publication. The company is majority-owned by Well Health, which continues to trade on the main TSX and says it expects to remain a significant long-term controlling shareholder and a growing customer of Wellstar.
The listing separates two very different businesses. Well Health operates roughly 275 medical clinics across Canada, according to BetaKit. Wellstar holds the software side: electronic medical records, AI-enabled clinical tools and practice management products. When the plan was announced on July 8 and 9, Well Health said that technology serves more than 40 per cent of Canadian healthcare providers, powers about 270 Well-owned clinics and supports more than five million patient visits a year, as reported by Techcouver.
Well Health chairman and CEO Hamed Shahbazi has said the parent company was undervalued compared with the sum of its parts, according to BetaKit, and the spin-out has been in the works since 2024. In the July announcement, Shahbazi called the transaction “a significant milestone in WELL’s strategy to unlock the value of our healthcare technology assets while retaining a meaningful ownership position,” as quoted by Techcouver. Amir Javidan, a former Well Health chief operating officer who now leads Wellstar as CEO, said public-market access would “enhance our strategic flexibility and position us to accelerate product innovation.”
The board has five members, three of whom are drawn from Well Health: Shahbazi, who chairs Wellstar, along with Javidan and Well Health chief financial officer Evelyn Sutherland, according to BetaKit. That overlap matters for investors weighing how independent the new company will be from its parent, which is also one of its biggest customers.
The numbers reported around the deal do not line up neatly, and readers should treat them with care. Dealroom reported a US$36.7-million private placement of subscription receipts priced at US$7.33 each, with expected 2026 revenue of US$69.7 million and an adjusted EBITDA margin of 21 per cent. Techcouver, citing the company’s announcement, described a brokered placement of up to $50 million and projected revenue of nearly $100 million, which may reflect Canadian-dollar figures. BetaKit says Wellstar raised $148 million for its treasury over the two-year planning period and bought two Canadian medical billing companies before launch. Earlier company releases cited a $62-million pre-spin-out financing. We have not been able to reconcile these figures against the final listing documents.
For Canadian readers, the debut is a test of whether public investors will pay up for health-software companies that sit outside the big U.S. electronic records vendors. It also puts a Canadian-built clinical software company, with a captive customer base in its parent’s clinics, on the public markets at a time when physicians and provinces are pushing for more digital tools and AI scribes in the exam room.
This story is developing. Wellstar’s regulatory filings will set out the final financing terms, share structure and Well Health’s ownership stake, and we will update this report if those details change the picture.
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Sources: BetaKit, Techcouver, Dealroom. This is a developing story and figures differ between sources.
