New Zealand-based Pushpay Holdings Ltd shelved its plan to list in the U.S.

The fintech company said its board ceased preparations for a U.S. market listing for the time being, given that the main objectives of the U.S. float — to increase capital and liquidity — have been largely met.

In May, the company's annual turnover of shares increased to NZ$380 million from NZ$158.4 million in December 2017, while its annual liquidity ratio rose to 32.1% from 13.8%.

Pushpay said it has seen a substantial increase in liquidity and a wider range of institutional investors join its share register, including U.S.-based institutions.

The company is instead selling shares held by co-founder and Executive Director Eliot Crowther. The sell-down comprises 24,793,798 shares, or 9.03% of the company's fully paid shares outstanding, offered at an underwritten floor price of NZ$4 per share, for an aggregate of NZ$99.2 million.

The offer price represents an 8.8% discount to the five-day volume weighted average price, and an 8.5% discount to the last traded price on June 18.

The bookbuild will run from June 18 to June 19. The company halted the trading of its shares June 18, and will resume trading June 20.

Crowther will leave the company July 31.

As of June 15, US$1 was equivalent to NZ$1.44.