Klaviyo falls further below IPO price

Klaviyo

20/10/2023 19:14

** Klaviyo Inc's  KVYO.N  shares fall 8.7% to as low as
$27.40 on Fri, a day after marketing automation firm breached
its IPO price for the first time
    ** KVYO shares last down 3.0% at $29.11, and on course to
close for the first time below $30 IPO price set on Sept 19
    ** This as Wall Street slides on the session amid high
Treasury yields, Middle East jitters, with S&P 500  .SPX  down
0.6% and Nasdaq  .IXIC  off 0.8%  .N 
    ** Shares of Klaviyo, whose backers include Canadian
e-commerce giant Shopify  SHOP.TO , are well off their intra-day
high of $39.47 hit on first day of trade
    ** Companies pursuing IPOs after weak performances by
Klaviyo, German sandal maker Birkenstock  BIRK.N , chip designer
Arm  ARM.O  and grocery delivery app Instacart/Maplebear
 CART.O  are receiving advice from investment bankers to lower
their valuation expectations
    ** Shares of BIRK and CART currently off ~16% and ~14%,
respectively, from their IPO prices, while ARM ~6% below IPO
price

 (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))