NZX-listed PushPay has rowed back on its plans to list in the United States but said it would revisit the idea "periodically" after yesterday's successful sale of a 9 per cent stake in the company through an auction-style book build.

PushPay said in January that it intended to complete a US market listing this year to expand its shareholder base, increase liquidity and to enable the company better access to capital.

But in an investor update, released alongside details of a bookbuild for the sale of co-founder Seattle-based Eliot Crowther's 9 per cent stake, PushPay said the board considered the primary objectives of the US market listing to have been largely achieved and had decided to cease preparations for a US market listing for the time being.

"The board will re-assess the need for a US market listing periodically," it said.

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"We have seen a substantial increase in liquidity and a wider range of institutional investors join the register, including US-based institutions," it said.

The sale of Crowther's stake for $100 million would provide Pushpay with the opportunity to further advance the desired outcomes of a US listing without the cost, complexity and compliance associated with it.

The company said it was confident that its existing capital is sufficient to reach cash flow breakeven prior to the end of calendar year 2018, with cash on hand.

"Pushpay does not currently have any requirement for additional capital, however it may consider acquisitions in the future which would serve to further strengthen its existing solutions," the company said.

Pushpay's annual turnover of shares on the NZX increased by 139.9 per cent from December 2017 to May this year.

In addition, Pushpay was added to the S&P/NZX 50 Index last December.

PushPay shot to prominence last year on the back of the success of its software that allows churchgoers to make donations over their mobile phones.

In interview with the Herald in January, chief executive and co-founder Chris Heaslip said the company's sales growth had encouraged it to bring forward its US plans, having originally expected to list there in early 2019.

With 97 per cent of the company's business in the US, it made sense to list there, he said.

In today's statement, PushPay said Crowther was leaving for personal reasons to focus on his family.

The shares offered in today's book build were oversubscribed with all bids subject to scaling.

Heaslip said the success of the bookbuild demonstrates strong support for Pushpay and understanding of its business proposition.

"The bookbuild attracted a number of high quality institutional investors, and the support received is testament to Pushpay's business proposition, execution to date and future prospects," he said.

The 24.8 million shares were sold at $4.04 apiece - a discount to the Monday's closing price of $4.37. When trading resumed this afternoon, PushPay shares dropped by 17c to $4.20.