Splitit Payments - the stock that popped on the back of a $10...

Splitit Payments - the stock that popped on the back of a $10 million initial public offering in January - is seeking to strike while the iron's hot.Broker Morgans launched an equity raising for the company on Thursday morning, which in aggregate is worth four three times what it raised for its IPO.Morgans was offering funds 37.5 million new shares in a placement at 80¢ each to raise $30 million.Splitit Payments chairman Spiro Pappas (left) and CEO Gil Don are back in front of investors seeking fresh funds. Eamon GallagherOn top of the placement, Morgans was also seeking buyers for another 2.6 million shares at the same price on behalf of the company co-founder and partnerships executive Alon Feit.And there's also a share purchase plan to existing investors to raise up to another $10 million at the same price.The payments software company's raising was priced at a 15.8 per cent discount to the last close and a 16.1 per cent discount to the five day volume weighted average price, according to a term sheet sent to potential investors.The placement and the sale shares represented about a 15 per cent stake in the company.Morgans was calling for bids into the placement and selldown by 4pm Thursday. The SPP would open later this month, according to a timetable in front of fund managers.Splitit is expected to announce the deal on Monday.Funds raised were pegged for sales staff ($14.7m), product manufacturing and operating costs ($6.8m), advertising and marketing ($6.3m), other staff ($4.2m), administration and corporate costs ($4.1m) and research and development ($3.9m), the term sheet sent to fund managers said.The raising comes less than five months after the company raised $10 million for its IPO at 20¢ a share. The stock jumped on listing, and remains well above its IPO price.