Klaviyo dips below IPO price for first time (updated)

Klaviyo

19/10/2023 21:21

(Adds closing price, link to ANALYSIS, updates session low
price)
    By Chuck Mikolajczak
       NEW YORK, Oct 19 (Reuters) - Shares in Klaviyo Inc
 KVYO.N  dipped below its $30 initial public offer price on
Thursday for the first time since its Sept. 20 trading debut on
the New York Stock Exchange.
    The stock touched a low of $29.89 during the session before
closing down 2.2% at $30.00 on the day. It has been unable to
return to its intraday trading record high of $39.47, reached on
its first day of trading. 
    Companies pursuing U.S. initial public offerings (IPOs)
after a string of lackluster stock market debuts are receiving
advice from investment bankers to lower their valuation
expectations.

 (Reporting by Chuck Mikolajczak and Sinéad Carew; editing by
Jonathan Oatis)
 ((charles.mikolajczak@tr.com; @ChuckMik;))