New Zealand Exchange Limited welcomes Xero Live Limited to the NZSX Market today, with a fully subscribed IPO raising $15 million.
NZX Markets Development Manager, Geoff Brown said, “Xero is the 2007 tech sector pioneer, a new and exciting proposition for New Zealand investors. The local market is an ideal platform for our New Zealand technology companies to grow. We can see from the uptake of the Xero IPO that the investment community are keen for a stake in this fast moving sector.”
Xero was developed after founders Rod Drury and Hamish Edwards identified a lack of accounting solutions for small and medium sized businesses (SMEs). SMEs make up a significant part of New Zealand economy, comprising more than 400,000 companies.
“We encourage the aspirations of Xero, raising capital that will enable the team to go for it and do so while the window of opportunity is still open,” said Brown.
Xero has also joined NZX SciTech Index today. The NZX SciTech index includes 25 companies with interests in the research, development or commercialisation, of science or new technologies within the fields of biotechnology, information technology and industrial technology.
Xero CEO, Rod Drury said, “We're excited about joining the companies in the NZX SciTech index. We're all united by a passion to develop world class technology to participate in the global economy, and create value for New Zealanders.”
The new securities will be quoted on the NZSX Market under the security code XRO from 11am today.