30 Sep 2015

Small listed companies raise capital for expansion

2:43 pm on 30 September 2015

Two of New Zealand's smaller listed companies have completed capital raisings to help with expansion plans.

Mobile payments company Pushpay has raised almost $18.7 million through a private placement of new shares at $4.88 each.

That has seen existing shareholders buy more shares, while the boutique fund manager, Pie Funds Management, has come on board as a new investor.

Pushpay chief executive Chris Heaslip said the money would be used to develop its product, as well as providing capital to drive growth in the United States.

Meanwhile, fish oil refiner SeaDragon has raised just over $10 million in a rights issue and shortfall bookbuild, which was partly underwritten by the honey and natural foods company, Comvita, who have become a 19 percent shareholder as a result.

That was $1 million more than SeaDragon had hoped to raise to complete its new Omega-3 fish oil refinery and assist with future growth.