Montreal payments company Nuvei Corp. is making history by raising US$700 million through an IPO, the largest amount by a technology company in TSX history.
The company’s more than 26.9 million subordinate voting shares were trading to nearly US$34 by early afternoon, well above the US$26 where they were priced and US$20 to US$22 in initial marketing.
Nuvei is on track to nab $625 million in gross proceeds from the IPO, which is expected to close on Tuesday and is subject to customary closing conditions.
Nuvei’s IPO comes as buzz around investing in the tech sector is high because several companies in the industry have proved resilient and experienced an uptick in business amid the COVID-19 pandemic.
The Caisse de depot and Novacap-backed company provides payment solutions to 50,000 merchants, technology and distribution partners around the world.
There were 211 technology companies listed on both TSX and TSX Venture Exchange with a combined market capitalization of $289 billion as of Aug. 31.
“As we continue to grow globally, we are proud to represent our roots in Quebec and partner with TSX to put our company on the world stage for investors, while maintaining a keen focus on building value for shareholders, employees, partners and customers, alike,” stated founder, chairman and CEO Philip Fayer.
This report by The Canadian Press was first published Sept. 17, 2020.
Companies in this story: (TSX:NVEI.U)
The Canadian Press