Nuvei prices US $700M IPO at US $26 with US $3.4B valuation

Nuvei Corporation, a portfolio company of Novacap and Caisse de dépôt et placement du Québec (CDPQ), has priced its proposed initial public offering and con-current secondary offering.

Nuvei will issue 26,923,077 Subordinate Voting Shares at a price of US $26 per share, above the initial marketing range of US $20 to US $22 per share, for aggregate gross proceeds of US $700 million, with Nuvei and Novacap the selling shareholder receiving gross proceeds of US $625 million and US $75 million, respectively.

Nuvei stock will commence trading on The Toronto Stock Exchange (TSX) on an “if, as and when issued basis” on September 17, 2020 in Canadian dollars under the symbol “NVEI” and in U.S. dollars under “NVEI.U”.

The offering is expected to close on September 22, 2020, subject to customary closing conditions.

Upon completion of the offering, Nuvei would have 35,727,717 Subordinate Voting Shares and 92,524,186 Multiple Voting Shares. If the over-allotment option is exercised in full, there will be 38,117,827 Subordinate Voting Shares and 92,524,186 Multiple Voting Shares issued and outstanding.

At the offering price, Nuvei is valued at US $3.29 billion or US $3.40 billion if the over-allotment option is exercised in full.

Following the closing of the offering, Novacap, founder Philip Fayer, and Caisse de dépôt et placement du Québec (CDPQ) will collectively own 100% of the multiple voting shares, individually, 36,789,094 shares, 34,205,100 shares, 21,529,991 shares respectively.

photo credit: Nuvei

Nuvei Corporation Announces Pricing of Initial Public Offering

MONTREAL, Sept. 16, 2020 (GLOBE NEWSWIRE) — Nuvei Corporation (“Nuvei” or the “Company”) announced today that it has obtained a receipt for its final base PREP prospectus filed with the securities regulatory authorities in each of the provinces and territories of Canada and has entered into an underwriting agreement in respect of its initial public offering consisting of a treasury offering by the Company and a secondary offering by certain funds managed by Novacap Management Inc. (the “Selling Shareholders”) of an aggregate of 26,923,077 subordinate voting shares of the Company at a price of US$26 per share, above the initial marketing range of US$20 to US$22 per share, for aggregate gross proceeds of US$700 million, with the Company and the Selling Shareholders receiving gross proceeds of US$625 million and US$75 million, respectively. The offering is expected to close on September 22, 2020, subject to customary closing conditions.

The Toronto Stock Exchange (the “TSX”) has conditionally approved the listing of Nuvei’s subordinate voting shares subject to fulfilling the customary listing requirements. The shares are expected to begin trading on the TSX on an “if, as and when issued basis” on September 17, 2020 in Canadian dollars under the symbol “NVEI” and in U.S. dollars under the symbol “NVEI.U”.

The offering is being made through a syndicate of underwriters led by Goldman Sachs Canada Inc., Credit Suisse Securities (Canada), Inc., BMO Capital Markets and RBC Capital Markets, as joint active bookrunners, and Citigroup Global Markets Canada Inc. and Merrill Lynch Canada Inc., as bookrunners, and National Bank Financial Inc., Scotiabank, TD Securities Inc., CIBC Capital Markets, Raymond James Ltd., Cowen and Company, LLC, Stifel Nicolaus Canada Inc. and William Blair & Company, L.L.C.

The Company has also granted to the underwriters an over-allotment option to purchase up to an additional 4,038,462 subordinate voting shares from treasury at the offering price for additional gross proceeds to the Company of US$105 million if the option is exercised in full. The over-allotment option can be exercised for a period of 30 days from the closing date of the offering.

A copy of Nuvei’s supplemented PREP prospectus will be available on SEDAR at www.sedar.com on September 17, 2020.

No securities regulatory authority has either approved or disapproved the contents of this press release. This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities of the Company in any jurisdiction in which such offer, solicitation or sale would be unlawful. These securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any U.S. state securities law and may not be offered or sold in the United States except in compliance with the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws or pursuant to an exemption therefrom.

About Nuvei
We are Nuvei, the payment technology partner of thriving brands. We provide the intelligence and technology businesses need to succeed locally and globally, through one integration – propelling them further, faster. Uniting payment technology and consulting, we help businesses remove payment barriers, optimize operating costs and increase acceptance rates. Our proprietary platform offers direct connections to all major payment card schemes worldwide, supports 450 local and alternative payment methods (assuming the successful completion of the Company’s acquisition of Coöperatieve Vereniging Smart2Pay Global Services U.A.) and nearly 150 currencies. Our purpose is to make our world a local marketplace.

Contact:
Investor Relations
NuveiIR@icrinc.com

Public Relations
Nuvei-PR@icrinc.com