Payments company Nuvei Corp. (TSX:NVEI) has become the largest technology initial public offering (IPO) in Canadian history.
Shares of Nuvei rose 31% in its trading debut, capitalizing on demand for technology stocks.
Montreal-based Nuvei, which supplies payment technology to the retail, travel, and gaming sectors, is among a cluster of firms benefiting from the shift to e-commerce during pandemic lockdowns.
The IPO raised $700 million U.S. making it the biggest tech offering in the history of the Toronto Stock Exchange.
Shares of Nuvei were priced at $26 U.S. but climbed as high as $35.04 U.S. They ended their first trading day at $34.12 U.S.
The global mobile commerce and e-commerce market is expected to increase to $6.3 trillion U.S. by 2024 from $3.4 trillion U.S. in 2019, according to eMarketer, a market research company.
Nuvei generated revenue of $245.8 million and adjusted EBITDA of $87.2 million for fiscal 2019, according to its IPO prospectus.
