Klaviyo tumbles, trades near lowest close since debut

Klaviyo

05/10/2023 18:45

** Shares of Klaviyo Inc  KVYO.N  tumbling 4.5% on Thur,
trading near the lowest close since the marketing automation
firm went public
    ** KVYO last traded at $31.33 vs session low of $31.12 and
$30 price set in its Sept. 19 initial public offering. Previous
lowest close was $31.24 on Tues
    ** KVYO now down ~5% from close in its first day of trading
on Sept. 20
    ** Weakness in KVYO comes amid broader market selloff as
investors worried that still-tight labor market conditions could
force the U.S. Federal Reserve to maintain high interest rates
for longer than expected
    ** KVYO, Arm Holdings  ARM.O   O9Ty.F  and Maplebear
 CART.O , which does business as Instacart, make up a trio of
stocks whose weak performance following their recent public
listings is dampening expectations of a resurgence in IPOs on
Wall Street

 (Reporting by Noel Randewich)
 ((noel.randewich@tr.com;))