Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


UPDATE: Pushpay jumps 50% in first trade on NZAX

UPDATE: Pushpay jumps 50% in first trade as handful of shares change hands

(Updates with share price movement)

By Suze Metherell

Aug. 14 (BusinessDesk) - Shares of Pushpay jumped as much as 50 percent as investors snapped up the handful of shares on offer after the mobile payment app company's compliance listing on the NZX Alternative Index.

The stock rose to $1.50 from its listing price of $1, as 467 of the 50 million on issue changed hands, before slipping to $1.48 in a second trade of 2,033 shares, according to Reuters data. The shares got off to a slow start on its compliance listing, meaning no new funds were raised, with chief executive Chris Heaslip tweeting there weren't any willing sellers, despite an earlier bid of $1.33.

The Auckland-based company raised $9 million in new equity in June among private investors, issuing shares at $1 each and valuing the company at $50 million. The capital raise was underwritten by cornerstone shareholder Christopher and Banks Private Equity, an investment vehicle for the Huljich family.

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.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Oceans: NOAA Declares Third Ever Global Coral Bleaching Event

As record ocean temperatures cause widespread coral bleaching across Hawaii, NOAA scientists confirm the same stressful conditions are expanding to the Caribbean and may last into the new year, prompting the declaration of the third global coral bleaching event ever on record. More>>

Scoop Business: A Decade Of Government Pre-Seed Investment

More publicly-funded science is being commercialised after a decade of government ‘pre-see’d investment, according to an independent review. More>>


Solid Energy: Plan To Shut Unprofitable Huntly East Mine

Solid Energy, the state-owned coal miner in voluntary administration, plans to shut down its unprofitable Huntly East mine and lay off 65 staff after deciding the site stands "no chance whatsoever" of finding a buyer. More>>


E Tū: Merger Creates NZ's Biggest Private Sector Union

E tū has been created by the merger of the Engineering, Printing and Manufacturing Union and Service and Food Workers’ Union. It represents more than 50,000 working New Zealanders in industries as diverse as aviation, construction, journalism, food manufacturing, mining and cleaning. More>>


Internet: NZ Govt Lifts Target Speeds For Rural Broadband

The government has lifted its expectations on faster broadband speeds for rural New Zealand as it targets increased spending on research and development in the country's information and communications technology sector, which it sees as a key driver for export growth. More>>


Banks: Westpac Keeps Core Government Transactions Contract

The local arm of Westpac Banking Corp has kept its contract with the New Zealand government to provide core transactions, but will have to share peripheral services with its rivals. More>>


Science Investment Plan: Universities Welcome Statement

Universities New Zealand has welcomed the National Statement of Science Investment released by the Government today... this is a critical document as it sets out the Government’s ten-year strategic direction that will guide future investment in New Zealand’s science system. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news