Nuvei Corporation, the payment technology partner of thriving brands, closed a $833-million initial public offering, representing the largest technology IPO in TSX history by both equity capital raised and market capitalization at the time of listing.
The IPO consisted of a treasury offering by Nuvei and a secondary offering by certain funds managed by Novacap Management Inc. (Selling Shareholders) of an aggregate of 26,923,077 subordinate voting shares of Nuvei at a price of US$26 per share, for aggregate gross proceeds of US$805 million, with Nuvei and the Selling Shareholders receiving gross proceeds of US$730 million and US$75 million, respectively. Concurrently with the closing of its initial public offering, Nuvei closed a direct private placement of subordinate voting shares to certain employees, customers, suppliers and other business partners worldwide for aggregate gross proceeds of US$28.4 million.
The offering was 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.
Fasken Martineau DuMoulin LLP acted as Canadian counsel to Nuvei with a team comprising
Jean Michel Lapierre,
and Ursula Romatowska.
Davis Polk & Wardwell LLP acted as U.S. counsel to Nuvei with a team comprising
Byron B. Rooney,
Hillary A. Coleman,
Jai R. Massari,
William A. Curran,
Robert A. Cohen,
and Daniel F. Forester.
Davies Ward Phillips & Vineberg LLP acted as counsel to the Selling Shareholders and Caisse de dépôt et placement du Québec with a team comprising
and Jonathan Godin.
McCarthy Tétreault LLP acted as Canadian counsel to the syndicate of underwriters with a team led by
and which included
Vincent Laurin (business).
Ropes & Gray LLP acted as U.S. counsel to the syndicate of underwriters with a team comprising
and Lucas Sutherland.
Stikeman Elliott LLP acted as Canadian counsel to Philip Fayer, founder and CEO of Nuvei, with a team comprising
Warren M. Katz,
and Barbara Sheng.