Nayax co-founder sells $20M in shares amid 50% valuation surge
Nayax co-founder sells $20M in shares amid 50% valuation surge
Amir Nechmad reduces stake as fintech company reaches $1 billion market cap.
Amir Nechmad, one of the controlling shareholders of the fintech company Nayax, sold shares worth 75 million shekels (approximately $20 million) on Tuesday evening. Calcalist has learned that the shares were distributed to institutional investors through Excellence. They were sold at 99.3 shekels per share, approximately 2% below the stock’s closing price of 101.5 shekels on the same day. Nayax is currently traded at a valuation of 3.7 billion shekels ($1 billion).
In March, brothers Yair and Amir Nechmad, along with Nayax’s CTO, David Ben-Avi, sold shares worth 100 million shekels during the company's secondary offering. At the time, Yair Nechmad, who serves as the company's CEO, stated that the sale aimed to improve the stock’s marketability. Over the past year, the company's valuation, following its IPO four years ago, has risen by 50%.
Before this recent sale, Amir Nechmad held a 21.5% stake in Nayax, which has now been reduced to 19.5%. Yair Nechmad retains 23.3% of the shares, while Ben-Avi holds 19.3%.
Nayax was founded in 2005 by the Nechmad brothers and Ben-Avi. The company developed a commerce and payments platform designed for businesses, offering solutions for cashless payments. Headquartered in Israel, Nayax operates nine offices globally and is listed on both the Tel Aviv Stock Exchange and NASDAQ.
In 2023, the company reported revenues of $235 million, an increase from $173 million in 2022. Its net loss narrowed significantly, decreasing to $16 million from $37 million in the previous year.
