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UPDATE 1-Payment tech firm Nuvei files for $500-$600 million IPO in Canada – Source

Montreal-based payment technology firm Nuvei Corp filed for an initial public offering in Canada on Tuesday to raise about $500 million to $600 million, according to a source familiar with the plans. Nuvei was valued at $2 billion in December, and the IPO is expected to push the valuation to over $3 billion, according to the source, who requested anonymity as the details of the deal are private. The company, which plans to list its stock on the Toronto Stock Exchange under the symbol "NVEI", did not disclose the amount it is planning to raise or the IPO price in Tuesday's regulatory filing www.sedar.com/CheckCode.do. The company said it plans to use net proceeds from the offering to repay debt. Nuvei’s shareholders, Caisse de Depot et Placement du Quebec and Canadian private equity firm Novacap Investments Inc, helped it raise $270 million in equity in December. In addition to payment technology, Nuvei offers foreign exchange services, local acquiring, and risk management services in countries including the United States and Canada. According to eMarketer, mobile commerce and eCommerce 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. Goldman Sachs Canada is the lead underwriter for the offering, with Credit Suisse Securities (Canada) Inc, BMO Nesbitt Burns Inc and RBC Capital Markets acting as joint bookrunners. (Reporting by Manojna Maddipatla in Bengaluru and Joshua Franklin in New York; Editing by Maju Samuel) Our Standards:The Thomson Reuters Trust Principles.0 : 0narrow-browser-and-phonemedium-browser-and-portrait-tabletlandscape-tabletmedium-wide-browserwide-browser-and-largermedium-browser-and-landscape-tabletmedium-wide-browser-and-largerabove-phoneportrait-tablet-and-aboveabove-portrait-tabletlandscape-tablet-and-abovelandscape-tablet-and-medium-wide-browserportrait-tablet-and-belowlandscape-tablet-and-belowAppsNewslettersAdvertise with UsAdvertising GuidelinesCookiesTerms of UsePrivacyDo Not Sell My Personal InformationAll quotes delayed a minimum of 15 minutes. See here for a complete list of exchanges and delays. © 2020 Reuters. 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