Nuvei to raise up to US $690M in IPO at US $20-22 with US $2.77B valuation

CPE News (9/8/2020) – Nuvei Corporation, a portfolio company of Novacap and Caisse de dépôt et placement du Québec (CDPQ), has amended its preliminary prospectus in connection with its proposed initial public offering (IPO) and secondary offering of Subordinate Voting Shares.

Nuvei intends to raise US $600 million priced at $20-22 per Subordinate Voting Share, or up to US $690 million if the over-allotment option granted to the underwriters is exercised in full.

At an offering price of US $21, being the midpoint of the estimated price range, Nuvei will issue 25,000,000 Subordinate Voting Shares from the treasury and 3,571,429 Subordinate Voting Shares under the secondary offering, for a total of 28,571,429 Subordinate Voting Shares, or a total of 32,857,143 Subordinate Voting Shares if the over-allotment option is exercised in full).

Novacap will sell 3,571,429 Subordinate Voting Shares for gross proceeds of up to US $75 million (at US $21 per share).

Upon completion of the offering and the reorganization, Nuvei would have 35,727,717 Subordinate Voting Shares and 91,837,372 Multiple Voting Shares. If the over-allotment option is exercised in full, there would be 40,013,431 Subordinate Voting Shares and 91,837,372 Multiple Voting Shares issued and outstanding.

At the offering price of $21, Nuvei would be valued at approximately US $2.77 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, 36,102,281 shares (39.31%), 34,205,100 shares (37.25%), 21,529,991 shares (23.44%) respectively.

Montreal based Nuvei is a global provider of payment technology solutions to merchants and partners in North America, Europe, Asia Pacific and Latin America.

photo credit: Nuvei