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.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Must Sell 20 Petrol Stations: Z Cleared To Buy Caltex Assets

Z Energy is allowed to buy the Caltex and Challenge! petrol station chains but must sell 19 of its retail sites and one truck-stop, the Commerce Commission has ruled in a split decision that acknowledges possible retail price coordination between fuel retailers occurs in some regions. More>>

ALSO:

Huntly: Genesis Extends Life Of Coal-Fuelled Power Station To 2022

Genesis Energy will keep its two coal and gas-fired units at Huntly Power Station operating until 2022, having previously said they'd be closed by 2018, after wringing a high price from other electricity generators who wanted to keep them as back-up. More>>

ALSO:

Dammed If You Do: Ruataniwha Irrigation Scheme Hits Farmer Uptake Targets

Enough Hawke's Bay farmers have signed up for water from the proposed Ruataniwha Water Storage Scheme for it to go ahead as long as a cornerstone institutional capital investor can be found to back it, its regional council promoter announced. More>>

ALSO:

Reserve Bank: OCR Stays At 2.25%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2.25 percent, in a decision traders had said could go either way, while predicting inflation will pick up as the slump in oil prices washes out of the data and capacity pressures start to build in the economy. More>>

ALSO:

Export Values Down: NZ Posts Biggest Annual Trade Deficit In 7 Years

New Zealand has recorded its biggest annual trade deficit since April 2009, reflecting weaker prices of agricultural commodities such as dairy products, beef and lamb, and increased imports of vehicles and machinery. More>>

ALSO:

Currency Events: NZ's New $5 Note Wins International Banknote Award

New Zealand’s new Brighter Money $5 note has been named Banknote of the Year in a prestigious international competition. The $5 note was awarded the IBNS Banknote of the Year title at the International Bank Note Society’s annual meeting. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news