Canadian payment tech firm, Nuvei files for IPO

(Bloomberg) — Nuvei Technologies Corp., a seller of payment technology to merchants and software vendors, is preparing to file for an initial public offering in the U.S. and Canada next month, according to people familiar with the matter.

Montreal-based Nuvei was valued at $2 billion in December, when shareholders Caisse de depot et placement du Quebec and private equity firm Novacap Investments Inc. helped it raise $270 million in equity. The IPO is expected to increase that valuation, said one the people, who asked not to be named because the matter is private. Goldman Sachs Group Inc. is the lead underwriter, the people said.

The 17-year-old company offers payment technology around the world, touting a system that supports 150 currencies. One of the sectors its serves is the sports betting industry. The company said on Aug. 5 it had received approval from the Indiana Gaming Commission to provide payment services on sports bets in the state.

Caisse de depot declined to comment. Nuvei and Novacap didn’t respond to requests seeking comment.

The listing comes amid a flurry of U.S. technology IPOs, especially software listings. Five software companies filed with the U.S. Securities and Exchange Commission earlier this week, including Unity Software Inc. and Snowflake Inc.

Nuvei’s listing could be the largest Canadian technology IPO of 2020, following on Dye & Durham Ltd.’s July offering, which raised C$172.5 million ($131 million). Another Montreal company in the merchant software business, Lightspeed POS Inc., raised C$276 million in an IPO last year.

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