Shares in payment processing firm Nuvei Corp. started trading on the Toronto Stock Exchange on Thursday, raising $700 million in the biggest initial public offering of a technology company in the history of the TSX.
Founded in Montreal, Nuvei is a payment processing firm with almost 800 employees, and about 50,000 customers who do $35 billion worth of transactions over the company’s network every year. A large portion of its customers are in the fast growing world of sports betting.
Earlier this month the company announced it planned to sell 26 million shares on the TSX, priced between $20 and $22 apiece. But strong demand for the shares allowed the company to price its shares even higher on Wednesday, at $26 a share.
That values the offering at more than $700 million US, enough to make the company the biggest initial public offering (or IPO) in dollar terms in the history of the TSX — more than BlackBerry and Shopify’s IPOs were worth at the time.
When trading in the shares opened, they almost doubled from their IPO price, changing hands at $45.25 a share, according to Bloomberg data.
Shopify recently became the most valuable company in Canada, passing Royal Bank. At last count, Shopify was worth $136 billion, but when it went public in 2015, the company only raised about $130 million in its IPO.
BlackBerry, then known as Research in Motion, raised $100 million in its 1997 IPO. Nine years later, RIM was the most valuable company in Canada, worth about $67 billion at its peak.
Nuvei was valued at $2 billion last December, when it raised $270 million from private investors including Quebec’s pension plan, the Caisse de dépôt et placement du Québec.
The company made $245 million worth revenue last year but lost $69.5 million after expenses were deducted, according to regulatory filings.