Pushpay’s bookbuild for co-founder’s stake sale fully underwritten at $4 a share

Pushpay is a mobile app that enables mobile payments between registered merchants and customers Photo by Lynn Grieveson

Deutsche Craigs is seeking bids for the 24.8 million shares, or a 9.03 percent stake, in Pushpay Holdings that co-founder Eliot Crowther is looking to sell.

The deal is underwritten at $4 a share, which is an 8.8 percent discount to the five-day volume weighted average price and values the stake at $99.2 million, the company said.

The completion of the bookbuild, overseen by Deutsche Craigs and Craigs Investment Partners, is expected to be announced later today.

Crowther is leaving the mobile payments app developer, valued at $1.2 billion by market capitalisation, for personal reasons to focus on his family.

Trading in Pushpay shares, last at $4.37, has been halted since Monday pending the sale.