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Pushpay announces cash call
Posted on Thursday, 13 July 2017 07:03
New Zealand-based mobile payment application provider Pushpay Holdings has unveiled a stock placing valued at up to USD 25.00 million in order to accelerate the growth of the business.

The company is issuing around 22.90 million shares, representing an 8.4 per cent stake in the group’s enlarged capital, at NZD 1.51 (USD 1.09) apiece to Bruce Gordon and other institutional investors.

Craigs Investment Partners and Ord Minnett are both advising Pushpay on the deal, which is expected to close on 19th July 2017, subject to a number of customary conditions.

In addition, the firm is planning a secondary listing in the US within the next 36 months.

No further details on the equity dilution were disclosed.

Auckland-based Pushpay designs and develops mobile payment applications that allows users to donate to charities and non-profit organisation.

The company completed its initial public offering in 2014 and is listed on the New Zealand Stock Exchange under the ticker symbol PPH.

Last year, Pushpay signed on the dotted line to pick up the church app business of Indiana-based online mobile-apps-as-a-service platform operator Bluebridge Digital for around USD 3.10 million on a cash- and debt-free basis.

According to Zephyr, the M&A database published by Bureau van Dijk, there have been 112 deals targeting financial transaction processing groups announced worldwide since the beginning of 2017.

The most valuable of these was Ant Financial Services’ USD 2.14 billion agreement to snap up US firm MoneyGram International in April in an acquisition which is expected to close in the second half of 2017.

WorldPay Group, CardConnect and ConCardis, among others, have also been targeted so far this year.

© Zephus Ltd