Klaviyo leaps in debut after IPO prices above range

Alliancebernstein Holding LP

20/09/2023 18:10

(Updates with opening price)
    ** Marketing automation firm Klaviyo Inc  KVYO.N  jumps in
debut on Weds, joining a string of IPOs this month
    ** KVYO opens at $36.75, 22.5% premium to $30 IPO price.
Shares last trading up 18.3% at $35.50
    ** IPO of 19.2 mln shares priced $1 above already upwardly
revised range of $27-$29, for $576 mln gross raise
    ** Co sold ~11.5 mln shares, while existing holders sold
~7.7 mln shares, per the prospectus filing
    ** Asset management titans BlackRock Inc  BLK.N  and
AllianceBernstein indicated to buy up to $100 million worth of
shares each, or roughly 35% of the IPO
    ** Klaviyo's backers include Canada's e-commerce giant
Shopify  SHOP.TO  and investment firm Summit Partners, which is
selling ~4.9 mln shares of offering but will still own about
21.5% of the co
    ** Klaviyo comes on heels of successful listings of SoftBank
Group Corp's  9984.T  chip designer Arm  ARM.O , which debuted
last week, and grocery delivery app Instacart's    CART.O  debut
on Tues
    ** Goldman Sachs, Morgan Stanley and Citigroup acting as
lead book runners for Klaviyo's IPO

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))