Xero cracks $20 a share after capital raising, now worth more than SkyCity, Sky TV

Mon, 14 Oct 2013

By Paul McBeth Oct. 15 (BusinessDesk) - Shares in Xero topped $20 apiece when trading opened today, valuing the cloud-based accounting software developer at $2.38 billion, more than casino and hotel operator SkyCity Entertainment Group and dominant pay-TV firm Sky Network Television. The shares rose 2.5 percent to $20.20, a new intraday record, after the Wellington-based company announced yesterday that it raised $180 million in new capital, mainly from US investors. That’s left it flush with $230 million in the bank to fund its global grow...

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