Nuvei - CEO, Philip Fayer.
CEO, Philip Fayer.
Source: Nuvei.
  • Payment technology company Nuvei (NVEI) has closed a record-breaking initial public offering on the Toronto Stock Exchange
  • The IPO consisted of a treasury offering by the company, as well as a secondary offering by the selling shareholders
  • Nuvei reported that the IPO produced aggregate proceeds of US$805 million, or approximately C$1.07 billion
  • The company’s IPO is the largest for a technology company in the TSX’s history
  • Nuvei (NVEI) is down 0.41 per cent and is trading at $45.91 per share

Payment technology company Nuvei (NVEI) has closed a record-breaking initial public offering on the Toronto Stock Exchange.

Based in Montreal, the company is the largest private and non-bank payment processor in Canada, processing tens of billions every year. Nuvei has become extremely successful since its founding in 2003, by supporting 450 local and alternative payment methods in nearly 150 currencies.

Through the listing began last week on an “if, as and when basis”, the company finally closed its IPO yesterday and commenced normal trading.

The company’s IPO on the TSX consisted of a treasury offering by the company, as well as a secondary offering. The secondary offering was by certain funds managed by Novacap Management, the selling shareholders.

Nuvei reported that the IPO produced aggregate gross proceeds of US$805 million, or approximately C$1.07 billion. The company received approximately C$971 million of this amount, with the remainder going to the selling shareholders. 

Nuvei has made history through its IPO, which is the largest ever conducted by a technology company on the TSX. It out-performed the IPO’s of extremely valuable publicly listed technology companies, including the e-commerce platform Shopify.

As if its record-breaking IPO wasn’t enough, Nuvei also closed a direct private placement of 1,094,132 extra subordinate voting shares around the same time. The shares were issued to certain employees, customers, suppliers, and other business partners, for further proceeds of approximately C$37.7 million.

Nuvei began trading on the Toronto Stock Exchange on Thursday, September 17, 2020.

The company’s subordinate voting shares are listed on the TSX in Canadian dollars under the ticker code NVEI. They are also listed on the Exchange in US dollars under the ticker code NVEI.U.

Nuvei (NVEI) is down 0.41 per cent and is trading at $45.91 per share at 10:16am EDT.

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