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Home / Business / Companies

Pushpay looks to list on market

NZ Herald
13 Jun, 2014 05:52 AM2 mins to read

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The stocker ticker on the NZX building in Wellington. New Zealand Herald Photograph by Mark Mitchell

The stocker ticker on the NZX building in Wellington. New Zealand Herald Photograph by Mark Mitchell

Mobile payments developer Pushpay says it is looking to carry out an NZAX compliance listing next month.

The Auckland-based company said it would raise $9 million through a private share issue, at $1 a share, prior to the listing.

The share issue was fully underwritten Christopher and Banks Private Equity, an investment vehicle run by the wealthy Huljich family, the firm said.

Aaron Bhatnagar, Pushpay's head of communications, said the $9 million would be raised from a "variety of investors" including significant funds from Christopher Banks Private Equity and Alliance Equities, the Bhatnagar family's investment vehicle.

"We anticipate 75 or more investors by listing," he said.

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The company said it would have a total of 50m shares following the private share issue, valuing the business at $50 million.

Pushpay founder Chris Heaslip said the pre-listing capital raising would fund the company's global expansion, particularly in the United States.

"We are growing rapidly with transaction volume increasing 20 per cent month-on-month and current annualised payments volume at over $35 million, up from $17 million in late February 2014," Heaslip said.

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Pushpay, incorporated in 2011 by Heaslip and Eliot Crowther, has developed a system used by businesses, non-profit organisations and churches.

The company recently acquired the business assets of Wellington-based Run The Red, a text message service provider for companies.

The Huljich family has already invested $4.8 million into Pushpay through Christopher and Banks Private Equity and other investment entities.

Christopher and Banks Private Equity currently owns a 23.7 per cent stake in the business, while the Bhatnagar family's Alliance Equities holds a 3.7 per cent stake, according to the Companies Office.

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Pushpay tithe app attracts Pie Funds capital

30 Sep 04:00 PM

Other shareholders include Heaslip and Crowther.

Pushpay said it had appointed Buddle Findlay as its legal adviser and Harmos Horton Lusk as its NZAX sponsor.

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