Payment tech firm Nuvei jumps over 30% in Toronto debut

Sept 17 (Reuters) – Shares of Nuvei Corp jumped more than 30% on their market debut on Thursday after the Canadian payment processing firm raised $700 million in the largest ever technology company offering on the Toronto Stock Exchange.

Nuvei’s shares opened at C$45.25 ($34.38), a 32% premium to the stock’s initial public offering price of $26. It closed at C$45.05.

The company, backed by Caisse de Depot et Placement du Quebec and Canadian private equity firm Novacap Investments Inc, offers foreign exchange services, local acquiring and risk management services in countries including the United States and Canada.

Its IPO shows the strong investor appetite for technology names as the COVID-19 pandemic hastens the consumer shift to e-commerce.

Shares of Warren Buffett-backed data warehouse company Snowflake Inc more than doubled in their New York Stock Exchange debut on Wednesday.

According to eMarketer, mobile and e-commerce purchase volume, including transactions completed through mobile apps, e-wallets, social media and websites, is expected to nearly double to $6.3 trillion globally by 2024, from $3.4 trillion in 2019. ($1 = 1.3162 Canadian dollars)

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