Klaviyo prepares for US market debut after pricing IPO above range

Alliancebernstein Holding LP

20/09/2023 11:06

Sept 20 (Reuters) - Marketing automation company Klaviyo
 KVYO.N  was set to list its shares on the New York Stock
Exchange on Wednesday, in a third big test for the market for
new issues following smooth debuts of Arm Holdings  ARM.O  and
Instacart  CART.O .
    The Boston-based company's initial public offering was
priced above range on Tuesday, raising $576 million in proceeds,
part of which will go to existing investors who cashed out some
of their holdings.
    The offering gave Klaviyo a valuation of $9.2 billion.
BlackRock  BLK.N  and AllianceBernstein have agreed to buy up to
$100 million worth of shares each, accounting for a big chunk of
the total IPO proceeds.
    A successful debut of Klaviyo would underscore a revival in
the IPO market, which has been on ice for nearly 18 months after
the end of an easy-money regime prompted investors to question
the valuations of high-flying startups.
    Both Arm and Instacart have seen strong debuts in recent
days but have given back most of their gains following the
first-day pops. However, their shares are still above their
respective IPO prices.
    Founded in 2012 by software engineers Andrew Bialecki and Ed
Hallen, Klaviyo helps store and analyze data for e-commerce
brands, enabling them to send out personalized marketing emails
and messages to potential customers.
    

 (Reporting by Niket Nishant in Bengaluru; Editing by Anil
D'Silva)
 ((Niket.Nishant@thomsonreuters.com;))