Xero chief executive Rod Drury has poured cold water on speculation about developments in the company's US listing plans, saying an Australian media report is "wildly inaccurate".
The Australian Financial Review reported today that the New Zealand accounting software developer was working with investment banks Credit Suisse and Morgan Stanley as it prepares for an expected $500 million to $1 billion US initial public offer.
Xero has previously flagged its intention to carry out a Nasdaq listing next year.
Speaking from the US, Drury said he didn't understand what the $500 million to $1 billion range in the AFR report was referring to.
He said Xero was not looking to raise new capital through a US listing and pointed out that the company's NZX market capitalisation - currently $2 billion - is well above $1 billion.
Xero was not working with Credit Suisse and Morgan Stanley on the US IPO plan, Drury said.
"I don't know where this stuff comes from. It hasn't come from us. It's certainly wildly inaccurate."
Asked whether he had met any investment bankers during his current US visit, Drury said: "I've met with all sorts of people on all sorts of topics."
He said Xero may do a US IPO next year "if conditions are right".
"And we don't need capital," Drury said.
Xero shares were up 1.6 per cent at $16.15 in early trading today.
- By Christopher Adams of the New Zealand Herald