Pushpay director Chris Huljich buys shares in A$40 mln bookbuild

Wednesday 5th October 2016

Pushpay Holdings director Chris Huljich participated in the mobile payments app developer's A$40 million capital raise ahead of a planned secondary listing on the ASX next week.

The company sold 19.1 million shares at A$2.09 apiece to institutional and eligible investors from New Zealand, Australia and Asia in a bookbuild, and some existing shareholders sold about 6.7 million shares worth A$14 million into the offer, the Auckland-domiciled, Redmond, US-headquartered company said in a statement.

Interests associated with Huljich bought 478,468 shares in the offer, worth about A$1 million. His interests will own about 27 percent of the enlarged share register after the allotment of the shares, down from 29 percent.

Pushpay will use the funds to develop its mobile commerce tools that help make payments between consumers and merchants easier, and provide working capital to accelerate international sales. The company has focused on the US faith sector, with its app geared to mobile charity payments.

"The book build attracted a number of high quality institutional and exempt investors," chief executive Chris Heaslip said. "The support received from reputable and world-class institutions is testament to Pushpay’s business proposition, execution to date and future prospects."

Pushpay expects to list on the ASX on Oct. 12, and a trading halt in place on the NZX has been lifted with the completion of the bookbuild. The NZX-listed shares last traded at $2.56, a premium to the $2.20 price of the capital raise in local currency terms.

Directors Heaslip, Huljich, Douglas Kemsley, Eliot Crowther and Graham Shaw elected not to sell shares into the bookbuild, and entered into escrow deeds not to sell Pushpay shares until after the company's 2017 annual result is released to NZX.

Australia's Ord Minnett was the sole lead manager and bookrunner of the bookbuild. The placement and ASX listing were expected to cost about $2.5 million and $744,000.

BusinessDesk.co.nz

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