Management

Nayax makes history as largest hi-tech IPO on Tel Aviv Stock Exchange, opens trading

May 21, 2021

Source Tel Aviv Stock Exchange Ltd.

Pictured, from left, are Ella Shechtman, VP HR Nayax; Moshe Orenstein, VP product Nayax; Saffi Keisari, development manager Nayax; Keren Sharir, VP marketing Nayax; Amir Nechmad, cofounder Nayax; Yair Nechmad, CEO, chairman and cofounder Nayax; David Ben-Avi, CTO Nayax; Liron Grosman, CEO Nayax; Tami Erel, CBO Nayax; Michael Galai, chief legal officer Nayax; Ittai Ben-Zeev, CEO TASE; and Amnon Neubach, chairman TASE.

In celebration of its history-making IPO, the management of fintech company Nayax (TASE: NYAX) opened trading on the morning of May 20 on the Tel Aviv Stock Exchange.

The Nayax IPO is the largest in the history of TASE's High Tech Sector in terms of both the company value and the amount raised, TASE officials said.

"TASE, as home of the Israeli economy, enables all Israeli companies, including those that are listed on foreign exchanges, to list on TASE and enjoy all of the benefits of the home court, while allowing the Israeli public exposure to their success," Ittai Ben Zeev, CEO of TASE.

[Nayax] is the first global offering of a unicorn on TASE," Zeev added, "and we are confident that more international companies will follow this path"

Nayax is joining the 42 new companies that listed on TASE since the beginning of 2021, raising, together with Nayax, a total of NIS 4.9 billion. The company is included in TASE's Technology Sector, which currently comprises shares of 114 companies, with a total market cap of NIS 207 billion.

Nayax has more than 19,000 customers operating about 370,000 points of sale in 50 countries. Its solutions accept close to 40 currencies. It cooperates with more than 80 global financial institutions, including Visa, Mastercard, American Express and PayPal, among others, and is a licensed payment institution in Europe.

Nayax has more than 400 employees in 9 countries, of which 270 at the company's head office in Herzliya, Israel. The revenue of Nayax in 2020 totaled $79 million.

Nayax listed on TASE as part of a global IPO with the international investment bank Jefferies in collaboration with Israeli underwriters Oppenheimer and Leader. The company raised NIS 462 million in a book building IPO of 13.5% of the share capital to international and Israeli institutional investors and an additional 6% of the share capital was issued in a secondary offering by the controlling shareholders for a consideration of NIS 205 million, all based on a company value of NIS 3.4 billion. Upwards of 70% of the shares participating in the IPO were purchased by international investors.

"Joining TASE grants us exposure to international investors by way of the global offering and solidifies our DNA of an Israeli company that manages, develops and manufactures in Israel but is always open to the world and constantly expands its footprint and its range of solutions," said Yair Nechmad, cofounder, chairman and chief executive.

"I would like to thank TASE, our business partners and most of all, the employees of Nayax that have made it all possible," Nechmad continued, "The success of the company is first and foremost their success."