Montreal based fintech and payments processor, Nuvei, began trading on the Nasdaq this past week, following its initial public offering on the Toronto Stock Exchange roughly one year ago. The bought deal, primary offering raised $369 USD with 3.0 million subordinated common shares issued. Per Nuvei’s press release, the additional capital will be used to fortify the firm’s balance sheet and better position the company to pursue its strategic growth initiatives. Nuvei will continue to trade on the Toronto Stock Exchange under $CAD pricing (TSX: NVEI), but intends to delist its $USD listing (TSX:NVEI.U) as early as next week.
Dual-listing (listing a stock on more than one exchange) is often costly and many times comes with heightened regulatory scrutiny as the company is required to comply with the regulatory obligations of two exchanges and two regulatory oversight bodies. However, listing on a second exchange allows the company to benefit from previously untapped investor bases, increasing both the firm’s liquidity and access to capital.