Israeli fintech company Nayax has completed the largest-ever Initial Public Offering (IPO) by a tech company on the Tel Aviv Stock Exchange (TASE). The cashless payment solutions company raised $210 million, which could grow to $240 million, if the underwriters exercise their options.
The IPO included the sale of $145 million worth of new shares and $65 million of shares held by the company's founders - brothers Yair and Amir Nechmad and David Ben-Avi. The offering was held at a company valuation of nearly $1 billion pre-money. 75% of the shares were sold to foreign investors and 25% to Israeli institutional investors.
US investment bank Jefferies led the IPO, together with local partners Oppenheimer and Leader Capital Markets.
Nayax was founded in 2005 as a provider of payment solutions for operators of automatic vending machines. It later expanded its range of solutions, and it now offers customized payment methods, a mobile wallet application, and more.
Nayax's business model is based on retail subscribers who make a monthly payment for the service and payment clearance. The company says that in 2020 it cleared about half a billion transactions. It currently supports more than 370,000 points of sale, and through distributors is active in 50 countries.
Published by Globes, Israel business news - en.globes.co.il - on May 12, 2021
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