Xero Ltd. is headed for its biggest gain in almost three months in Wellington trading after the New Zealand accounting software developer said San Francisco-based Peter Thiel plans to buy shares in the business.
Thiel, co-founder of PayPal and a director of Facebook Inc, will invest NZ$4 million ($3 million) through a share placement at NZ$1.4918 a share, Xero said in a statement. The stock rose 6 percent, the biggest gain since July 23, after earlier surging 17 percent.
Xero shares rose 9 cents to NZ$1.58 at the 5 p.m. market close in Wellington.
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