Nuvei, the Montreal-based Canadian multinational electronic payment processing company, which had raised around $700 million in the largest ever tech offering in the Toronto stock exchange later this week, had jumped as much as 30 per cent at its public market debut on Thursday, while the Canadian private banking company had added 2.44 per cent further on Friday to wrap up the week at C$46.15 per share.
In point of fact, at its public market debut, the Canada’s largest private and non-bank payment processor Nuvei had opened at C$45.25 ($34.38) which included a 32 per cent premium over the Nuvei stocks’ initial offering prices of $26 apiece, suggesting a high-tide in investors’ morale over newer tech stocks at a time while the tech-heavy Nasdaq had been chartering into a correction territory since September 2 over frets of an over-valuation.
Nuvei IPO shows strong investor appetite as consumers shift to e-commerce
In tandem, a public market debut of the Canadian payment processor Nuvei, backed by the Caisse de Depot et Placement du Quebec alongside a Canadian private equity firm Novacap Investments Inc.
and primarily engaged in offering FX services, local acquisition and risk management in the United States and Canada, comes over the heels of a new-normal pandemic era while tens of millions of people across the globe have been working from home and relying heavily on payment processors to receive home deliveries of usual household items.
Besides, the Nuvei IPO had also indicated a robust demand of fintech stocks in a week which had witnessed a couple of $1 billion-plus Initial Public Offerings of software firms in the New York Stock Exchange.
On tops of that, fintech alongside payment processing firms have long been hot-ticket items as many industry analysts have been expecting the e-commerce purchases’ volume to double up to at least $6.3 trillion across the world by 2024, from a reading of $3.4 trillion in online purchases last year.