This translation has been automatically generated and has not been verified for accuracy.Montreal payment processing company Nuvei Corp. revealed Tuesday it plans to raise at least US$600-million in its initial public offering, setting a price range of US$20 to US$22 per subordinate voting share as it kicked off marketing efforts for the deal.
Nuvei hasn’t yet finalized how many subordinate voting shares it will sell, but anticipates once it is public on the Toronto Stock Exchange that there will be 35.7 million to 40 million subordinate voting shares, carrying one vote each.Its three existing shareholders – chief executive Philip Fayer, private equity firm Novacap and the Caisse de dépôt et placement du Québec – will have a combined 91.8 million multiple voting shares, with 10 votes apiece.
Novacap is the likeliest to sell down its stake, as private equity firms typically exit investments within a set period. Novacap is already selling 3.57 million of its multiple voting shares in the offering.would value Nuvei at US$2.6-billion to US$2.9-billion at closing. The offering is being underwritten by 14 investment banks, led by Goldman Sachs, Credit Suisse, BMO Nesbitt Burns and RBC Dominion Securities. They stand to collectively earn more than $28-million in fees.
Investor enthusiasm for tech stocks has prompted other domestic software companies to consider going public, including Kitchener online-learning provider D2L Corp. and Montreal telemedicine startup Dialogue Technolgoies Inc., whichNuvei, founded by Mr. Fayer in 2003, grew steadily to become one of Canada’s largest private financial-technology companies, backed by Quebec heavyweights the Caisse and Novacap.