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Pushpay lists on NZAX at $1 after $9 million capital raise

Pushpay lists on NZAX at $1 after $9 million capital raise for private investors

By Suze Metherell

Aug. 14 (BusinessDesk) - Pushpay, the mobile payment app company, has debuted on the New Zealand Alternative Index at $1, after raising new equity in a private share offer to fund international growth plans.

The Auckland-based company raised $9 million in new equity in June, issuing shares at $1 each valuing it at $50 million, before today's compliance listing, meaning no new funds were raised. The capital raise was underwritten by cornerstone shareholder Christopher and Banks Private Equity, an investment vehicle for the Huljich family. The shares didn't immediately trade, with exisitng shareholders hanging on to them, but a $1.30 bid was waiting.

According to its listing documents, Pushpay had a $1.6 million loss in the year ended March 31, widening its $561,000 loss from the previous year. Annual sales were $328,000, from $8,000 a year earlier. The company didn't provide prospective earnings, but said to date it had raised over $15.6 million in capital, with $9.6 million cash in the bank at the time of listing.

Last December, Pushpay raised $5.1 million in two tranches, which saw the Huljich family take a 23 percent stake. Established in 2011, Pushpay last year also attracted $1 million in backing from Douglas Kemsley, the Hamilton-based former chairman of internet and cloud services provider Maxnet, and a $253,000 development grant from the government’s Callaghan Innovation Fund.

The company said it intends to migrate to the NZX main board when the stock market operator phases out the alternative index to be replaced by its 'new market'.

Harmos Horton Lusk sponsored the company in its NZAX listing.

(BusinessDesk)

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