Shares in cloud accounting software firm Xero have jumped 11.3% on the ASX to an all-time high after it raised $NZ180 million ($A158 million) of new capital from US and New Zealand investors.
Xero shares were trading at $A17.50 on the ASX this morning.
Xero is also listed on the New Zealand Exchange, where its share price is up 10% from $NZ17.95 when trading was halted on Friday, pending the announcement.
The latest capital raising round saw 9.92 million shares – representing 8% of total shares on issue after the raise – issued at $NZ18.15 ($A15.95) per share.
More than 80% was raised from US investors, including existing shareholders Matrix Capital Management and Valar Ventures.
Including this capital raising round, Xero now has $NZ230 million on hand. The company said today that the capital would go towards “building a world-class team in the US market and [supporting] continued global growth”.