Nuvei closes TSX’s largest tech IPO ever, raises $805 million in gross proceeds

Nuvei closes TSX’s largest tech IPO ever, raises $805 million in gross proceeds
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MONTREAL — Nuvei Corp. has closed the Toronto Stock Exchange’s largest initial public offering in the technology sector ever, after raising US$805 million in gross proceeds.

The Montreal-based payments company made US$730 million and shareholder Novacap Management Inc. made US$75 million from offering up more than 30 million subordinate voting shares at US$26 per share.

Nuvei first hoped to raise US$600-million, but that goal continued to creep up as interest in the company grew.

Nuvei’s IPO comes 17 years after chief executive Philip Fayer started the company when looking for payment options for another business he was involved in.

Fayer tells The Canadian Press he didn’t set out to break any records with the IPO, but was delighted when it happened.

He says the IPO is a good way to reward employees for their hard work and build capital for future mergers and acquisitions.

This report by The Canadian Press was first published September 23, 2020.

The Canadian Press

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