Digital church collection payment operator Pushpay Holdings has launched a fully underwritten bookbuild to sell 12.24 million shares, or 4.45 per cent of issued capital, as former chief executive Chris Heaslip transitions to being a non-executive director.

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The partial sell-down represents 41.2 per cent of the shares held by interests associated with Heaslip, who resigned as chief executive effective May 31. The offer size is valued at $45.3 million.

The stock last traded at $3.79 and has gained around 20 per cent so far this year.

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The sale is fully underwritten by Craigs Investment Partners and will provide further free float and liquidity to support Pushpay's index weightings, the company said. The bookbuild will be conducted today.

The stock is currently in a trading halt and Pushpay expects to be in a position to make an announcement as to the outcome of the bookbuild prior to the market opening tomorrow, at which point the trading halt will be lifted and trading in Pushpay's ordinary shares is expected to resume.

According to Pushpay, interests associated with Heaslip entered into an escrow deed, restricting them from selling or disposing of their remaining stake for an 18-month period from July 9, unless approved by the company.

Pushpay also reiterated that its guidance for the year ending March 31 remains unchanged. It expects annual operating revenue of between US$122.5m ($183.4m) and US$125.5m, gross margin of more than 63 per cent, earnings before interest, tax, depreciation, amortisation and fair value adjustments of between US$18.5m and US$20.5m and total processing volume of between US$4.8 billion and US$5b.