Xero gains 1.2% to a record-high $15.99 | Wynyard Group is priced near the bottom end of an indicative range of $1.10 to $1.65 in its bookbuild.

Xero rises 3.3% to $15.80, valuing the cloud-based accounting company at $1.81 billion.

"We had been struggling mightily to find any value whatsoever - now we're starting to see the odd pocket."

Trade Me rose 3.8% to $4.70 and has advanced 24% this year.

Stocks fall across Asia as doubts about the pace of global growth are reinforced by the World Bank cutting its global outlook and a slump in Japanese stocks.

Stocks were broadly lower across Asia and Australia's S&P/ASX 200 Index was down 0.6% in late afternoon trade.