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Payment Tech Firm Nuvei Files to Go Public in Canada

Paula Sambo and Doug Alexander

(Bloomberg) -- Nuvei Corp., which supplies payment technology to the sports betting industry as well as other vendors, has filed for an initial public offering in Canada.

The Montreal-based company and selling shareholders didn’t disclose how much they’re planning to raise or the IPO price in Tuesday’s regulatory filing. It will use the IPO proceeds to pay down debt.

The company was valued at $2 billion in December, when shareholders Caisse de Depot et Placement du Quebec and private equity firm Novacap Investments Inc. helped raise $270 million in equity. The IPO is expected to increase that valuation, Bloomberg News reported last week.

It plans to list its stock on the Toronto Stock Exchange under the symbol NVEI.

“Nuvei’s role in the payments ecosystem has become increasingly important due to the continued innovation in payments for mobile commerce and e-commerce transactions and the lack of satisfactory solutions from traditional merchant acquirers,” the company said in its filing.

Goldman Sachs Group, Credit Suisse Group AG, Bank of Montreal and Royal Bank of Canada lead a group of a dozen banks on the share sale. The banks have an option to sell an additional 15% of the shares offered once the deal closes.

Nuvei’s listing comes after Dye & Durham Ltd.’s July offering, which raised C$172.5 million ($132.4 million). Another Montreal company in the merchant software business, Lightspeed POS Inc., raised C$276 million in an IPO last year.

Tech stocks in Canada and the U.S. have surged this year as investors banked on the sector outperforming broader markets during the Covid-19 pandemic. Shopify Inc. has more than doubled this year to become Canada’s most valuable company, surpassing Royal Bank of Canada.

Nuvei offers payment technology around the world, touting a system that supports about 150 currencies. It transacts in over $35 billion in annual total volume. It has over 800 employees and 50,000 customers. Last month the company said it had received approval from the Indiana Gaming Commission to provide payment services on sports bets in the state.

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