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Highlights
- Nuvei is one of the largest private and non-bank payment processors.
- The Canadian fintech firm plans to offer 1.5 million of its subordinate voting shares at its US IPO.
- Nuvei IPO could gain investor attention ahead of its US IPO as it had raised C$ 700 million in its Canadian IPO.
A little over a year after debuting on the Toronto Stock Exchange (TSX), Nuvei Corporation has decided to go public in the United States.
The decision comes amid an IPO frenzy that started at the beginning of this year and continues to stay heavy as we enter the last quarter of 2021.
The Montreal-based payments technology company, which is said to be partner to many thriving brands, has a presence in 204 global markets. In addition, Nuvei has 1,200 employees and about 50,000 customers.
Nuvei US IPO: Significant details
Nuvei plans to offer 1.5 million of its subordinate voting shares in the US initial public offering (IPO), where is aims to be listed on the Nasdaq Stock Market under the stock symbol of 'NVEI'.
Financial institutions JP Morgan, RBC Capital Markets, Goldman Sachs & Co LLC, Credit Suisse, and BMO Capital Markets are set to be the leading underwriters for the offering.
Back by financial giants Manulife Investment Management and Fidelity Management & Research Company LLC, etc., Nuvei plans to use the gross proceeds from its US IPO to pursue growth strategies and beef up its finances.
In September 2020, Nuvei had raised C$ 700 million in its Canadian IPO.
Also Read: Nuvei (TSX:NVEI) Revenue Climbs 80%. Worth A Buy?
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How to buy Nuvei stocks as it plans US IPO?
If and when Nuvei debuts in the US, investors could explore the stocks listed on the stock markets south of the border.
In case its pre-IPO shares are available in the US, retail investors could also try getting hold of them through a stockbroker or a trading account of a brokerage company.
Also Read: Nuvei (TSX:NVEI) is growing. A Canadian tech stock to buy?
Bottom line
Nuvei allows merchants to access 480 types of payment methods and accepts transactions in 150 currencies.
Apart from working on payment technology, Nuvei also offers risk management, foreign exchange, and local acquiring services.
In the second quarter of fiscal 2021, Nuvei’s revenue rose to US$ 178.2 million, reflecting an increase of 114 per cent year-over-year (YoY). Its net income increased from US$ 14 million in Q2 2020 to US$ 38.9 million in Q2 2021.
As of June 30, 2021, the payment services company had cash of US$ 533.7 million, as compared to US$ 180.7 million as of December 31, 2020.
Nuvei is growing rapidly it terms of its operations as well. On September 1 this year, it completed the acquisition of Simplex, which is known to provide fraudless payment acceptance to its users.
