Accounting software company Xero is planning to raise further capital.
The high-flying share market darling has asked the stock exchange to halt trading in its shares pending a material announcement.
Xero says it plans to make a further statement on Monday.
The last time the company raised capital was in November 2012 when it sold $60 million worth of shares at $6 per share to US investors, who also bought $22 million worth of shares from Xero's three largest shareholders.
Xero shares closed on Thursday at $17.95, giving the company a market capitalisation of $2.1 billion.
The shares are off their record reached last month of $19.30 but up from $5.33 a year ago.
Earlier this month, the company said it expected first-half sales will exceed $30.3 million compared with $16.5 million in the previous first half.