NZX listed mobile commerce technology company, Pushpay Holdings (NZSX: PAY), says it has completed the book build for its $A40 million private placement, at A$2.09 (NZ$2.20) per share, and will use the funds to further develop its technology stack, as working capital and to accelerate growth in international markets.
It announced plans for the capital raising, conducted by Australia-based Ord Minnett, in September saying it would precede a planned listed on the Australian Stock Exchange.
Following completion of the capital raising, the company said it expected shaes from the placement to be allotted on 11 October 2016, to coincide with the expected date of its admission to the ASX official list.
The new shares are expected to commence trading on the NZX main board and ASX on 12 October. Pushpay will change its NZX ticker code from PAY to PPH so it is able to trade on NZX and ASX using the same code.
The company says its key target market is the US faith sector, to which it plans to increase sales via direct sales, referrals and strategic channel partnerships, and that the private placement would support the achievement of its key targets in the next calendar year.
“Pushpay remains on track to reach $US72 million ($NZ100m) in annualised committed monthly revenue (ACMR) prior to the end of calendar year 2017 … [and] remains on track to reach breakeven on a monthly cash flow basis prior to the end calendar year 2017,” the company said.
Pushpay announced in August that it expected to reach its $NZ100 million annualised committed monthly revenue (ACMR) target prior to the end of December 2017, eight months sooner than its initial forecast and 28 months after passing the $NZ10 million mark.
It describes ACMR as the average revenue per merchant (ARPM) multiplied by the number of merchants, and says that ACMR is a key metric to track how a SaaS business is acquiring revenue.