Xero shares rise to $12
The share price of cloud computing company Xero continued accelerating towards the stratosphere, touching $12 in morning trading.
That was despite a statement from the company on Monday that sought to temper speculation of a United States listing.
The intra-day high valued Xero just over $1.4 billion.
Shortly after noon Xero's share price had cooled a little, up 30 cents, or 2.6 per cent, at $11.80. That followed an 85c gain yesterday.
Xero has yet to announce a target date for breaking even. The company said in February that it expected sales in the year ending March 31 to at least double to $38.6m, meaning Xero is currently trading at a multiple of 36 times forecast revenues.