Klaviyo drops below IPO price for first time

Klaviyo

19/10/2023 20:50

** Marketing automation firm Klaviyo Inc's  KVYO.N  shares
fall 2.5% to $29.89 in Thurs afternoon trade, dipping below last
month's IPO price for the first time
    ** Stock last down 2.4% at $29.93, vs $30 IPO price set on
Sept 19
    ** S&P 500  .SPX  and Nasdaq  .IXIC  both losing about 1% on
the session
    ** Shares of Klaviyo, whose backers include Canadian
e-commerce giant Shopify  SHOP.TO , now down about 24% from
their intra-day high of $39.47 hit on first day of trade
    ** Weak performances by Klaviyo and the other three marquee
companies German sandal maker Birkenstock  BIRK.N , chip
designer Arm  ARM.O  and grocery delivery app
Instacart/Maplebear  CART.O  over the past month have lowered
expectations of a resurgence in IPOs before end of 2023  

 (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))