Nuvei filed with the SEC on Monday to raise up to $183 million in an initial public offering. The Canada-based company, which specializes in providing payment processing solutions for merchants and e-commerce platforms, plans to raise $183 million by offering 1.5 million shares at $122.
At the proposed price, Nuvei would have a market value of $17.2 billion, and proceeds from the sale would be used to bolster its finances while pursuing other growth strategies, the latest development coming a year after Nuvei achieved what has been described as the largest technology company ever offered on the Toronto Stock Exchange after raising $700 million in its Canadian IPO.
Although Nuvei is supported by a number of well-known companies, including Fidelity Management & Research Co and Manulife Investment Management (North America), it is important to note that Nuvei is not just a payment technology company, but also provides a number of other services, including foreign exchange services, local acquisition and risk management services in the U.S. and Canada.
For more information, read the original story in Reuters.