Novacap's portfolio company Nuvei completes US$833 million initial public offering and concurrent private placement.
FREMONT, CA: Novacap, one of Canada's pioneering private equity firms, announces that its portfolio company Nuvei Corporation closes its US$833 million initial public offerings on the Toronto Stock Exchange and concurrent private placement. Nuvei is a global payment technology provider. According to the TSX, at its offering price, Nuvei's IPO is the largest technology IPO by both equity capital raised and market capitalization at the time of listing in TSX history.
At Novacap, its team's stated mission is to add value to each business it invests in, and its partnership with Nuvei is a prime example of this philosophy in action. Since its initial investment three years ago at a valuation of approximately US$430 million, Novacap's active support and expertise assisted Nuvei in streamlining its operations and becoming a platform for strategic acquisitions. During this time, Nuvei considerably increased the business's scale, the number of markets it serves, and its geographic reach.
With the closing of this initial public offering, Nuvei team is reaching an exciting milestone. Nuvei's IPO represents a significant event for both the company and its investors and is a testament to a true partnership between Nuvei, Novacap, and its co-investor CDPQ. The company is proud of its relationship with the Nuvei team and is looking forward to supporting its continued growth.
Founded in 1981, Novacap is a Canadian private equity firm with CA$3.6 billion of assets under management. Its unique investment approach, based on deep operational expertise and active collaboration with entrepreneurs, helps it accelerate growth and create long-term value for its numerous portfolio companies. With an experienced management team and substantial financial resources, Novacap is well-positioned to continue building world-class businesses. Supported by leading global institutional investors, Novacap's deals include leveraged buyouts, management buyouts, add-on acquisitions, IPOs, and privatizations. Novacap has invested in more than 90 companies and completed more than 140 add-on acquisitions in the last 39 years.