Pushpay shares surge as new investor buys cornerstone
The S&P/NZX 50 Index rose 65.25 points, or 0.5%, to 12,394.34. Within the index, 27 stocks fell, 19 rose and four unchanged. Turnover was $442.2 million, the bulk of which came from the Pushpay trade.
Investors waved goodbye to early Pushpay backers, Peter and Christopher Huljich after they sold their holding to US-based investment firm Sixth Street Partners for $320m, at $1.85 per share.
The price was 4% higher than Pushpay’s 30-day volume-weighted average price, at $1.78, and was a 2% premium to trading on Monday.
Almost 180 million shares changed hands as the 173m share trade was processed through the market today. Shares surged 10.2% to $1.95 as some investors were encouraged by the new cornerstone investor paying above market price.
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