X

Nuvei Doubles US Public Listing Offer

Nuvei Corporation has increased its US public listing offer to three million subordinate shares. These shares will be traded on one of the world’s most renowned exchanges, NASDAQ. The payments group, which is based in Montreal, originally intended to place a total of 1.5 million subordinated shares on October 4, which would serve as its NASDAQ opening offer. The US IPO should’ve been filled under NVEI.

Nuvei Decided to Double Up On the IPO

Just before the US debut, Nuveidecided to make a change as it doubled its initial offering. Listing underwriters backed Nuvei’s IPO on NASDAQ at $123 per subordinated share. In doing so, the company’s gross proceeds were secured at $370 million.

As Nuvei stated, the NASDAQ listing was available until October 8 to investors. However, it was subject to a few “customary conditions,” one of which was entering into definitive underwriting terms. Underwriters that participated in the IPO received a post-offer exercisable option of 30 days in which they can purchase 15% more of the shares of Nuvei at the offer price that was agreed.

With the recent developments, Nuvei has applied to voluntary delist its Toronto Stock Exchange (TSX) US subordinate shares. This decision is likely to be effective on October 13. The company will maintain its TSX common share listing in which it trades as the highest valued company that specializes in fintech and payments in Canada. The market cap is around $17.9 billion (CA$22.5 billion).

All of the proceeds that Nuavei receives from the US offer will be used to improve the financial position of the company as well as to accelerate its strategy of growth. Nuavei stated that there are massive opportunities in the gaming sector in the world, especially after the company’s acquisition of Safecharge back in 2019, which was completed at a price of $850 million.

Nuvei Recently Took Over SI Sportsbook’s Payments

Nuvei has been working on its growth strategy long before listing its IPO with NASDAQ. Last month, the company reached an agreement with 888 Holdings to be in charge of the payment solutions of SI Sportsbook, a newly launched operator of the Gibraltar-based company. With this agreement, the Instant Bank Transfer payment solution by Nuvei will be featured at the brand, which was launched in partnership with one of the world’s most popular sports magazines, Sports Illustrated.

The CEO and chair of Nuvei, Phillip Fayer, shared his thoughts on the partnership by saying that Nuvei is excited to provide Sports Illustrated with the chance to launch in the iGaming and online sports betting market in the US and thus, improve the strategy of attracting more players with Nuvei’s top-notch user experience, as well as state-of-the-art instant payments and risk management.

Categories: Business
Tags: iponuveiusa
Filip Mishevski: Filip Mishevski has been covering online gambling and cryptocurrencies for the past few years. He has written countless articles, how-to-guides, insights and news, and is keen on sharing his extensive knowledge in the aforementioned fields. He’s very passionate about soccer and MMA and is interested in how the online gambling industry will shape our future and thus, influence our lives.
X

We use cookies to optimize your experience. If you continue to browse this site, you agree to this use.

We use cookies to optimize your experience. If you continue to browse this site, you agree to this use.

Privacy Settings