Shares in church-friendly donations payment business Pushpay Holdings have been priced at $NZ8.60 per share for a $NZ121m selldown of a major stake in the company by the Huljich family.
Working on the trade after market on Monday was JPMorgan and UBS.
Despite selling 25 per cent of its shares in Pushpay, the Huljich family is expected to remain
the largest shareholder and “remains strongly committed” to the company.
Shares were sold in a bookbuild at an underwritten floor price of $NZ$8.40 per share, which was a 9.1 per cent discount to the last traded price on the New Zealand stock exchange.
Bids were taken in NZ10c increments up to $NZ8.80 per share.
On offer were 14.4 million shares, or 5.2 per cent of shares outstanding.
The sale means the New Zealand-based Hujlich family is reducing its stake in the company to 15.7 per cent from 20.9 per cent.
Pushpay, founded in 2011 by Chris Heaslip and Eliot Crowther, provides donor management systems.
A term sheet sent to investors said the Hujlich family did not intent to sell more shares in Pushpay until after the company’s results announcement for the first half of the 2021 financial year.
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