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

 

Trade Plans: Prime Minister's Speech To International Business Forum

"The work to improve public services, build infrastructure, and solve social problems is possible only because we have enjoyed sustained, solid economic growth. A big reason for that is the Government’s consistent agenda of economic reform, and our determination to open up more opportunities for trade with the world." More>>

ALSO:

Media: TVNZ Flags Job Cuts To Arrest Profit Decline

Chief executive Kevin Kenrick said the changes were aimed at creating "a sustainable future video content business for TVNZ in an ever-changing media market." More>>

ALSO:

Reserve Bank: Wheeler Keeps OCR At 1.75%

Reserve Bank governor Graeme Wheeler kept the official cash rate unchanged at 1.75 percent, as expected, and reiterated his view that the benchmark rate doesn't need shifting for the foreseeable future. More>>

ALSO:

Retail: Pumpkin Patch Brand, IP Sold To Catch Group

The receivers of failed children's clothing retailer Pumpkin Patch have confirmed that the company's brand and intellectual property have been sold to Australian online retailer Catch Group. More>>

ALSO:

Oil: 2017 Block Offer Petroleum Tender Launched

New Zealand is well-placed to take advantage of the economic benefits of oil and gas exploration, Energy and Resources Minister Judith Collins announced today at the launch of the 2017 Block Offer petroleum tender. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news