Paytech Nuvei breaks Toronto Stock Exchange records with $700m IPO
Canadian payments processing firm Nuvei has broken Toronto Stock Exchange (TSX) records with a $700 million raise on the first day of its initial public offering (IPO).
The raise broke records held by Blackberry and Shopify
Nuvei announced intentions to float on TSX at the start of the month. The firm said it planned to sells as many as 26 million shares, priced between $20 and $22.
Yet a surge in demand saw the company able to price its shares at $26 on Wednesday. Then when shares opened for institutional investors the price rose again to $45.
The company will rake in $625 million, with $75 million going to selling shareholders.
The raise beats out previous record holders Shopify and Blackberry. While the former has risen to a value of more than $136 billion, its 2015 IPO raised $130 million.
A 1997 IPO saw Blackberry raised $100 million when the firm was still known as Research in Motion.
More on Nuvei
Founded in 2003, Nuvei has around 50,000 customers and claims to process more than $35 billion in transactions over its entire network.
The company reached a valuation of $2 billion in December 2019 after raising CAD 270 million ($205.1m) from private investors.
Last year it concluded a $889 million acquisition of fellow payment firm SafeCharge to branch out into Europe and Latin America.
“Nuvei was built with the goal of connecting business owners with their customers, no matter where or how they do business,” says Philip Fayer, Nuvei chairman and CEO.
“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.”
Loui Anastasopoulos, president of capital formation for TSX owner TMX Group, says the raise is a “great Canadian tech story.”
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