Cashless vending and fintech company Nayax Ltd., headquartered in Herzliya, Israel, announced on May 10 the pricing of its global initial public offering of 63,500,000 ordinary shares at a price per share of about $3.25 (ILS 10.50).
The company announced the IPO launch on April 28. The offering will take place on the Tel Aviv Stock Exchange (TASE).
The IPO comprises 44,000,000 ordinary shares by Nayax and an aggregate of 19,500,000 ordinary shares by three existing shareholders.
In addition, Nayax has granted the underwriters a 30-day option to purchase up to an additional 9,525,000 ordinary shares from the company at the IPO price.
Israel business newspaper Globes reported that the Nayax IPO is the biggest by a tech company on the TASE.
Nayax said it intends to use the net IPO proceeds of nearly $132 million (ILS 430 million) to finance the expansion of its business activities, including acquisitions, and pursuing new markets.
Nayax added that it will not receive any proceeds from the sale of ordinary shares. The offering is expected to close on May 12, subject to customary closing conditions.
"We're excited to begin this new chapter in Nayax's journey and we believe it is only the beginning,” said Nayax chairman and chief executive Yair Nechmad.
“We look forward to delivering chairman and co-founder value to our shareholders as we do to our growing number of customers across the globe every day,” he continued. “We're especially pleased to have completed a successful global offering on the Tel Aviv Stock Exchange. We hope it will pave the way for others to follow."
Nayax was established in 2005 to provide cashless payment systems to vending machine operators and other unattended merchants. It now offers mobile wallet applications, among other high-tech retail solutions.