Goldman Sachs is working on a $198m block trade out of accounting software provider Xero for founder Rod Drury.
It is understood that shares are being sold at $99, a 3.9 per cent discount to the last closing price of $103.
On offer is 2 million securities representing 1.4 per cent of the securities on issue.
Mr Drury held 11 per cent of the company, according to Bloomberg data.
It comes after $14bn company’s share price has rallied since the onset of the COVID-19 pandemic in March.
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