Pushpay seeks US listing but likely to stay on NZX
Sophie Boot
Pushpay Holdings, the mobile payments app company, is planning a US listing and likely capital raising in the next 15 months but says that won’t mean delisting from the NZX or ASX.
Its results released yesterday show the Auckland-domiciled, USheadquartered company’s loss widened to US$12.5 million in the six months ended September 30, from US$11.3m a year earlier, while revenue more than doubled to US$29.7m from US$12.1m.
Pushpay’s app has gained traction in the US faith sector, where its services are used by 2 per cent of the estimated 314,000 churches.
It is now in use in 50 of the top 100 churches, with transactions of US$2.1 billion based on annualised monthly figures.
Pushpay is still aiming for a US listing, and the board now plans to pursue that within the next 15 months.
On an investor call, chief executive Chris Heaslip said it was likely Pushpay would do a primary raise as part of that listing, but the company had “strong relationships with the NZX and ASX and we don’t have any plans to delist from either exchange at this stage”.
The company has not yet said whether it will list on the New York Stock Exchange or the Nasdaq.
The company is focused on its target of reaching breakeven on a monthly cash-flow basis by the end of calendar 2018, but capital could allow it to “take advantage of growth opportunities as they come up, whether it’s growth into other verticals, acquisitions or other uses”, Heaslip said.
In the results, Pushpay reiterated its expectations of reaching US$100m in annualised committed monthly revenue by December 31, and annual revenue of US$70m in the 2018 financial year.
ACMR, which measures total billings through merchants that Pushpay collects fees from, nearly doubled to US$67.5m from US$34.3m a year earlier.
The shares are cent this year. up over 130 per —