Xero shares rise to $12

Last updated 12:47 21/03/2013

Relevant offers


Bitter lesson for investors as Wynyard calls in administrators AJ Hackett to open new "world's highest bungy" - in China New York enacts restrictions on Airbnb, with fines of up to $10,000 Court action on 'shonky' steel mesh creates pressure for government inquiry Female lawyers charge-out rates lag behind their male colleagues Weight Watchers campaign joins list of PR blunders Opportunist builders, dodgy steel and shonky standards create new building crisis 'worse than leaky homes' Troubled property developer Augustine Lau taken to court for toilets emptying into stream Skills shortage results in firms looking internally to fill roles, recruitment firm says Pumpkin Patch in trading halt - too much debt, not enough capital

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.

Ad Feedback

- BusinessDay.co.nz

Special offers

Featured Promotions

Sponsored Content