Nayax ILS 767 million IPO
Davis Polk advised Nayax Ltd. on its initial public offering and listing on the Tel Aviv Stock Exchange of 63,500,000 ordinary shares of Nayax, of which 44,000,000 ordinary shares were issued and sold by Nayax and 19,500,000 ordinary shares were sold by Amir Nechmad, Yair Nechmad and David Ben Avi, pursuant to Rule 144A and Regulation S. In connection with the initial public offering, Nayax Ltd. has also granted the initial purchaser an overallotment option in respect of up to an additional 9,525,000 shares. The total value of the offering amounted to approximately ILS 767 million (approximately $233 million), assuming full exercise of the overallotment option.
Nayax has developed a world leading unattended commerce operating system and payments platform, allowing retailers to provide their customers with digital, cashless, connected commerce experiences primarily focused on unattended retail environments. It is the first IPO of a tech unicorn on the Tel Aviv Stock Exchange.
The Davis Polk capital markets team included partner Michael Kaplan, counsel Connie I. Milonakis and associates Gil Savir and Despoina Arslanidi. Counsel Alon Gurfinkel and associate Omer Harel provided tax advice. Associate Sarah E. Kim provided 1940 Act advice. Members of the Davis Polk team are based in the New York and London offices.