Nuvei stock surges, representing largest tech IPO in Canada

nuvei

Nuvei’s stock price soared in its first day of trading, with numbers that make it the most valuable tech IPO on the Toronto Stock Exchange (TSX) in Quebec and Canadian history.

In its first day of trading, Nuvei stock increased from the set $26 USD per share pricing to almost $45 USD by the end of trading on Thursday. As of time of publication, Nuvei’s stock sits at $45.98.

Nuvei is set to be the largest Canadian tech IPOs in TSX history.

With this initial public offering, the Montréal-based FinTech company is set to raise $700 million USD, which would make it one of the largest Canadian tech IPOs in TSX history.
 

Nuvei began trading through the TSX Thursday morning, available to institutional investors, on an “if, as and when issued” basis. A spokesperson for the company told BetaKit more public trading is expected to begin next week.

RELATED: Montréal’s Nuvei raises $358 million CAD, reaches $2.65 billion CAD valuation

As a public company, Nuvei joins a growing number of Canadian tech companies taking advantage of the public markets. Most recently, Lightspeed’s launch on the New York Stock Exchange pulled in $397.7 million USD for the Montréal retai-focused company. Nuvei’s IPO also beats out the IPOs of tech companies Dye & Durham and Docebo, which also went public over the last year.

Through the deal, Nuvei is expected to pull in gross proceeds of $625 million. Novacap, which owned 37.84 percent total voting rights, is selling $75 million USD of its stock, according to The Globe and Mail. Nuvei CEO and founder Philip Fayer has now become Canada’s newest billionaire through the IPO, with a stake of $1.5 billion CAD. Fayer holds 35.85 percent of the total voting rights attached to all of the company’s issued and outstanding shares.

The $700 million Nuvei is set to raise adds to the $358 million CAD in common equity financing it raised in December. The investment was raised mostly from existing shareholders, including Novacap, some of Novacap’s limited partners, as well as Caisse de dépôt et placement du Québec (CDPQ).

Meagan Simpson

Meagan Simpson

Meagan is the Associate Editor for BetaKit. A tech writer that is super proud to showcase the Canadian tech scene. Background in almost every type of journalism from sports to politics. Podcast and Harry Potter nerd, photographer and crazy cat lady.