Accounting software company Xero is planning a float and listing in the United States by the end of the year.
Xero chief executive Rod Drury. Photo: RNZ / Diego Opatowski
The company said the planned float will give it greater credibility in that market and help to build its brand there.
Founder and managing director Rod Drury says by then, the company's annual revenue will have reached $US100 million.
Xero lost $NZ35.5 million in the year ended March, but sales for the year jumped 83 percent to more than $NZ70 million.
Mr Drury says Xero should still have well over $US100 million in cash by then.
However, a US listing will give Xero more credibility in that market and all the feedback Mr Drury has had from American bankers has been wildly enthusiastic.
At the the annual shareholders' meeting Mr Drury was asked about the company's falling share price. The stock peaked at $45.99 in March and closed on Wednesday at $23.50.
Mr Drury said the company did not control the share price, and its present level seemed to him like a buying opportunity.
"We don't require any more capital, we're in a good position, we can just keep executing our plans," he said.
