Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Bottom-Up

<ul>
 <li>Pushpay has established a strong market position in the U.S. faith sector with its integrated donor and church management software, demonstrating a history of robust revenue growth and margin expansion.</li>
 <li>The company was acquired and taken private in May 2023 by Sixth Street Partners and BGH Capital, shifting its strategic focus from public market performance to long-term value creation under private equity ownership.</li>
 <li>Future growth is contingent on successfully executing its strategy of expanding into the Catholic market, cross-selling its broader product suite (including Resi streaming services), and navigating a competitive and fragmented church technology landscape.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  Pushpay has established a strong market position in the U.S. faith sector with its integrated donor and church management software, demonstrating a history of robust revenue growth and margin expansion.
  The company was acquired and taken private in May 2023 by Sixth Street Partners and BGH Capital, shifting its strategic focus from public market performance to long-term value creation under private equity ownership.
  Future growth is contingent on successfully executing its strategy of expanding into the Catholic market, cross-selling its broader product suite (including Resi streaming services), and navigating a competitive and fragmented church technology landscape.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Pushpay Holdings (PPH NZ) - Aug 2026

New Zealand Professional Investment Services Firm, Forsyth Barr

Forsyth Barr

New Zealand Professional Investment Services Firm

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

Thematic (Sector/Industry)

<ul><li>The Forsyth Barr Technology Digest provides a snapshot of recent information relevant to the listed technology industries across New Zealand, Australia and the globe.</li><li>We focus on three industry segments: Software &amp; Services, Technology hardware, and Semiconductors &amp; equipment</li><li>We aim to showcase what New Zealand technology is doing, update on recent news at a company and technology level, display stock performance, show relevant ratios and provide a brief snapshot of each technology company across New Zealand and Australia. </li></ul>

The Forsyth Barr Technology Digest provides a snapshot of recent information relevant to the listed technology industries across New Zealand, Australia and the globe.We focus on three industry segments: Software &amp; Services, Technology hardware, and Semiconductors &amp; equipmentWe aim to showcase what New Zealand technology is doing, update on recent news at a company and technology level, display stock performance, show relevant ratios and provide a brief snapshot of each technology company across New Zealand and Australia. 

Forsyth Barr: Technology Digest Edition 1 — AI Hitting the Mainstream

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<div>
In my insight <a href="https://skr.ma/5UGLq" target="_blank" rel="noopener">Virtual IPOs/Direct Listings: Uninhibited Price Discovery</a> on the 29 November last year, I mentioned a white paper on special purpose acquisition company (SPAC) may be issued by the SGX in the first half of the following year. 
Last week the Business Times <a href="https://www.businesstimes.com.sg/companies-markets/sgx-looking-into-listing-of-special-purpose-acquisition-companies" target="_blank" rel="noopener">reported</a> that a consultation could be launched by the SGX as early as this quarter.
SPACs, or blank-check companies, racked up ~US$80bn in the US in 2020. Once listed and cashed-up, SPACs target investment acquisitions or mergers, providing an alternate back-door listing opportunity for companies. In effect, SPACs synthetically combines a credit instrument with equity upside. 
SPACs are non-existent in Asia. SGX's expected consultation paper may herald a strategic push by the bourse to become Asia's SPAC hub. With some US-based SPACs packaging Southeast Asian assets, SGX's motives may well be one of "if you can't beat them, join them".
</div>


In my insight Virtual IPOs/Direct Listings: Uninhibited Price Discovery on the 29 November last year, I mentioned a white paper on special purpose acquisition company (SPAC) may be issued by the SGX in the first half of the following year. 
Last week the Business Times reported that a consultation could be launched by the SGX as early as this quarter.
SPACs, or blank-check companies, racked up ~US$80bn in the US in 2020. Once listed and cashed-up, SPACs target investment acquisitions or mergers, providing an alternate back-door listing opportunity for companies. In effect, SPACs synthetically combines a credit instrument with equity upside. 
SPACs are non-existent in Asia. SGX's expected consultation paper may herald a strategic push by the bourse to become Asia's SPAC hub. With some US-based SPACs packaging Southeast Asian assets, SGX's motives may well be one of "if you can't beat them, join them".


Singapore Exchange: Asia's Future SPAC Hub

Necessity is the mother of financial innovation. The non-traditional listings of <a href="https://www.smartkarma.com/entities/spotify-technology-sa" target="_blank" data-smartkarma-citation="entities:26772:1" rel="noopener">Spotify Technology SA (SPOT US)</a>, <a href="https://www.smartkarma.com/entities/slack-technologies-inc" target="_blank" data-smartkarma-citation="entities:27904:1" rel="noopener">Slack Technologies Inc (WORK US)</a> and <a href="https://www.smartkarma.com/entities/palantir-technologies-inc" target="_blank" data-smartkarma-citation="entities:27728:1" rel="noopener">Palantir Technologies Inc (PLTR US)</a> exhibit an increasing trend toward direct listings, in place of traditional IPOs incorporating lock-up agreements and dysfunctional pricing and allocation process.
This week Airbnb announced plans to go public next year joining the ranks of companies like Spotify and Slack that have used a direct listing to go public.
Is this IPO shortcut route appropriate for all companies? What are the pros and cons? And closer to home, which exchanges are open these virtual IPOs?
In this insight, I address the questions above, discuss various discussions with exchanges in the Asia-Pac regions, and also analyse alternative IPO routes such as special purpose acquisition company (SPACs).
<div class="content-highlight">
<h2>What's Original?</h2>
This insight explores the process, benefits, and track record to date of direct listings in equity markets, through to the current developments in Asia.
</div>

Necessity is the mother of financial innovation. The non-traditional listings of Spotify Technology SA (SPOT US), Slack Technologies Inc (WORK US) and Palantir Technologies Inc (PLTR US) exhibit an increasing trend toward direct listings, in place of traditional IPOs incorporating lock-up agreements and dysfunctional pricing and allocation process.
This week Airbnb announced plans to go public next year joining the ranks of companies like Spotify and Slack that have used a direct listing to go public.
Is this IPO shortcut route appropriate for all companies? What are the pros and cons? And closer to home, which exchanges are open these virtual IPOs?
In this insight, I address the questions above, discuss various discussions with exchanges in the Asia-Pac regions, and also analyse alternative IPO routes such as special purpose acquisition company (SPACs).

What's Original?
This insight explores the process, benefits, and track record to date of direct listings in equity markets, through to the current developments in Asia.


Virtual IPOs/Direct Listings: Uninhibited Price Discovery

Event-Driven

<ul>
<li>On the 29th May 2026, <a href="https://www.smartkarma.com/entities/tourism-holdings-ltd" target="_blank" data-smartkarma-citation="entities:2787:1" rel="noopener">Tourism Holdings (THL NZ/AU)</a> announced an NZ$3.10/share NBIO from a consortium comprising BGH Capital and the founding Trouchet family. Due diligence was subsequently afforded. </li>
<li>The same consortium, holding 19.9% of shares out, offered NZ$2.30/share for the world's largest commercial recreation vehicle rental operator in June 2025; however THL summarily rejected terms.</li>
<li>This morning THL announced an NBIO of NZ$3.30-NZ$3.40/share from a "credible strategic buyer". Due diligence has been afforded. Discussions remain ongoing with the BGH/Trouchet consortium.</li>
</ul>


On the 29th May 2026, Tourism Holdings (THL NZ/AU) announced an NZ$3.10/share NBIO from a consortium comprising BGH Capital and the founding Trouchet family. Due diligence was subsequently afforded. 
The same consortium, holding 19.9% of shares out, offered NZ$2.30/share for the world's largest commercial recreation vehicle rental operator in June 2025; however THL summarily rejected terms.
This morning THL announced an NBIO of NZ$3.30-NZ$3.40/share from a "credible strategic buyer". Due diligence has been afforded. Discussions remain ongoing with the BGH/Trouchet consortium.


Tourism Holdings (THL NZ/AU): Unnamed Bidder Lobs A NZ$3.30-3.40 NBIO

New Zealand

Pushpay Holdings Limited operates as a holding company. The Company, through its subsidiaries, designs and develops mobile payment application and solutions that allows users to donate to charities and non-profit organization. Pushpay Holdings conducts its business worldwide.

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Pushpay Holdings (PPH NZ)

Primer: Pushpay Holdings (PPH NZ) - Aug 2026

Pushpay has established a strong market position in the U.S. faith sector with its integrated donor and church management software,...

αSK Primers

Forsyth Barr: Technology Digest Edition 1 — AI Hitting the Mainstream

The Forsyth Barr Technology Digest provides a snapshot of recent information relevant to the listed technology industries across New Zealand,...

Forsyth Barr

Singapore Exchange: Asia's Future SPAC Hub

Often the disinclination to introduce change is due to an absence of public market sophistication or a deep ecosystem. The SGX should make amends...

David Blennerhassett

Virtual IPOs/Direct Listings: Uninhibited Price Discovery

There’s no cookie-cutter approach that should be employed for every company seeking to go public. But late-stage, venture-backed technology...

David Blennerhassett

Tourism Holdings (THL NZ/AU): Unnamed Bidder Lobs A NZ$3.30-3.40 NBIO

Two "credible" parties in the mix. If small, illiquid - and non-binding arbs - are your bag, buy here. But not aggressively. The BGH/Trouchet...

David Blennerhassett

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