Global fintech and funding innovation ecosystem

Nuvei closes $833-million IPO, making history as TSX’s largest tech sector IPO

Nuvei | Press Release | Sep 23, 2020

Philip Feyer Nuvei - Nuvei closes $833-million IPO, making history as TSX's largest tech sector IPOPhilip Fayer took little time to celebrate after his Montreal payments company Nuvei Corp. closed its $833-million initial public offering, the largest the Toronto Stock Exchange has ever seen in the technology sector.

"People will find this crazy, but I was online the next morning at 6 a.m. like I am every day," he said.  "I always like to live forward, not backward … I am more excited about what's coming than what happened."

The company he founded 17 years ago when looking for payment options for another business he was involved in raised aggregate gross proceeds of US$805 million — US$730 million for Nuvei and US$75 million for shareholder Novacap Management Inc. — from offering up more than 30 million subordinate voting shares at US$26 per share last week.

Along with the IPO, Nuvei closed a direct private placement of more than 1 million subordinate voting shares, generating an additional US$28.4 million in gross proceeds.

See:  Ant Plans $17.5 Billion Hong Kong IPO, No Cornerstones

Nuvei first hoped to raise US$600 million, but the IPO was oversubscribed by 20 per cent and then its 14 underwriters bought more than four million shares through stock options they had.

Nuvei's goals for the offering continued to creep up as interest in the company grew, but Fayer said the company "didn't set out to be record-breaking."

He just wanted to use the IPO to reward his 800 employees with $100,000 in stock options for their hard work and build capital for future mergers and acquisitions, which have been a cornerstone of Nuvei's strategy.

Nuvei completed its $889 million purchase of U.K.-based payments company last August and is in the process of buying Smart2Pay, a Dutch payments business.

The company has racked up 50,000 customers, processed $35 billion in payments annually and reported $245.8 million in revenues last year.

Nuvei is showing no signs of slowing down, said Fayer.

"We feel really bullish, but we still feel that we're very much on the ground floor," he said.

Novacap senior partner David Lewin said he's pleased with Nuvei's IPO and wants its current strategy to stick around.

"What I hope for is just more of the same because we have so much opportunity ahead of us … if we just continue pushing," he said.

See:  Silicon Valley VCs Are Planning to Get Bankers Out of the IPO Business

Lewin is keeping a careful eye on the company because of the COVID-19 pandemic, which has accelerated the shift toward e-commerce and created a buzz around tech stocks.

The pandemic has seen Shopify Inc. overtake the country’s most valuable company, Royal Bank of Canada, on the TSX.

Montreal cloud technology business Lightspeed POS Inc. has also recently managed to raise US$305 million after trying its luck on the New York Stock Exchange.

As of Aug. 31, there were 211 technology companies listed on both TSX and TSX Venture Exchange with a combined market capitalization of $289 billion.

Original release:  here

NCFA Sign up for our newsletter - Nuvei closes $833-million IPO, making history as TSX's largest tech sector IPO

Global News Wire | Sep 29, 2020

esports and payments - Nuvei closes $833-million IPO, making history as TSX's largest tech sector IPONuvei expands sports betting payment processing into Colorado

DENVER, Sept. 29, 2020 (GLOBE NEWSWIRE) -- Nuvei Corporation (“Nuvei” or the “Company”) (TSX: NVEI and NVEI.U), the global payment technology partner of thriving brands, announced today that it has received its sports betting vendor license from Colorado’s Division of Gaming. This permits the Company to process payments within the state’s boundaries on regulated sports betting sites and apps.

After winning approval to do business in the state of Indiana last month, Nuvei will now be able to offer its full-service payment solutions, including Cashier – its innovative and customizable pay-in and pay-out platform – to the iGaming and sports betting industries in Colorado. This approval is part of the Company’s ongoing strategic plan to support the growing U.S. sports betting industry.

Sports betting was legalized in Colorado as of May 1 of this year after approval by state voters in November 2019. Legal bets must be placed with authorized sportsbooks and operators.

Fintech Fridays Podcast EP27:

Blockchain Gaming and Esports with Shidan Gouran

What Attracts Investors to Blockchain Gaming?


Nuvei can now provide gaming operators and companies with seamless payment services for customers over the age of 21 who place legal wagers on games in the National Football League (NFL), Major League Baseball (MLB), the National Basketball Association (NBA), the National Hockey League (NHL), and any other professional and amateur sports betting transactions across the State.

“This approval will continue to fuel our expansion as we look to grow our iGaming footprint in the U.S.,” said Philip Fayer, Nuvei’s chairman and CEO. “We are extremely honored to be able to support Colorado gaming operators as they look to process their customers’ sports betting payments securely and with ease.”

The U.S. Supreme Court ended the federal ban on sports betting in May of 2018. Today, approximately 75 percent of all U.S. states have legalized sports wagering or are in the process of doing so.

Original release:  here


NCFA Jan 2018 resize - Nuvei closes $833-million IPO, making history as TSX's largest tech sector IPO The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit:

Latest news - Nuvei closes $833-million IPO, making history as TSX's largest tech sector IPOFF Logo 400 v3 - Nuvei closes $833-million IPO, making history as TSX's largest tech sector IPOcommunity social impact - Nuvei closes $833-million IPO, making history as TSX's largest tech sector IPO

Support NCFA by Following us on Twitter!

NCFA Sign up for our newsletter - Nuvei closes $833-million IPO, making history as TSX's largest tech sector IPO


Leave a Reply

Your email address will not be published. Required fields are marked *

three × three =