Klaviyo poised to debut after above-range IPO pricing

Alliancebernstein Holding LP

20/09/2023 12:05

** Marketing automation firm Klaviyo Inc  KVYO.N  set for
public debut on Weds after IPO tops expectations
    ** IPO of 19.2 mln shares priced at $30, above already
upwardly revised range of $27-$29, for $576 mln gross raise
    ** Klaviyo's shares to begin trading on NYSE with ticker
"KVYO"
    ** 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
    ** Among Klaviyo's backers are 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's IPO 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))