Pushpay rises after bookbuild

Sophie Boot

Pushpay Holdings shares were trading higher following the close of a $25 million bookbuild where they were sold at an 8.5 per cent discount.

The mobile app developer announced the private placement on Wednesday in its first quarter update, though it didn’t give details about the number of shares sold or the price.

Disclosure notices published to the NZX yesterday show shares were sold at $1.51 apiece, compared to the $1.65 they closed at on Tuesday, and 11 per cent lower than the 90-day average of $1.697.

The stock, which was halted on Wednesday, closed up 10c yesterday at $1.75.

Ord Minnett, one of the joint lead managers for the placement, has given it a target price of $2.74 and regards it as a strong buy, according to Reuters data.

The company on Wednesday also raised its annualised committed monthly revenue (ACMR) target to US$100m, announced plans to list in the US within the next 36 months, and gave guidance of US$70m in revenue for the 2018 financial year, more than double 2017’s US$34m.

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.

Over the past year, the company has lifted customer numbers and is getting more revenue from each customer. It had 7128 customers as of June 30, up 59 per cent from a year earlier, with average revenue per customer up to US$732 per month from US$511 in 2016. —

Matthew Theunissen

Vodafone has more than doubled the number of countries where its onaccount customers can use their phones in the same way they would at home.

The telco announced yesterday that its daily roaming destinations offer, which costs an extra $5 a day, now extends to more than 70 countries.

New destinations include major business hubs such as China, Hong Kong and Singapore, plus popular holiday hotspots such as Thailand, Indonesia and many countries in South America.