US marketing automation firm Klaviyo Inc secured a valuation of $9.2 billion following its initial public offering (IPO) on Tuesday.
In a development signalling robust investor interest, the company priced its 19.2 million shares at US$30 each — exceeding its revised IPO price range of US$27-$29 per share, according to anonymous sources.
Klaviyo's New York Stock Exchange (NYSE) listing comes as the latest indicator of a reviving US IPO market that was lacklustre throughout 2021 and 2022 until SoftBank Group Corp's chip designer Arm made a debut last week with a valuation of $54.5 billion.
Founded in 2012 by Andrew Bialecki and Ed Hallen, Klaviyo specialises in data analytics for e-commerce brands, facilitating personalised email marketing campaigns. The company, which has a clientele of over 130,000 businesses across 80 countries, has declined to comment on the matter.
Klaviyo shares are set to commence trading on the NYSE under the ticker KVYO on Wednesday.
Major investment firms BlackRock Inc and AllianceBernstein LP have committed to purchasing up to $100 million worth of Klaviyo shares each.