December 4, 2023

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Klaviyo sells shares above estimated value and collects $576…

Klaviyo sells shares above estimated value and collects $576…

Bloomberg— Claviowhich provides marketing and data automation services, priced its initial public offering (IPO) above the initial range and raised $576 million in the third-largest U.S. IPO in a week.

Klaviyo and a group of its existing investors sold 19.2 million shares on Tuesday at $30 per share, after setting a price of between $27 and $29 per share, according to an official statement confirming a report by Klaviyo. Bloomberg News. At the IPO price, the Boston-based company was valued at about $9 billion.

The stock sale comes shortly after the stock market debut Tuesday of online grocery delivery company Instacart, whose shares rose 12% following its $660 million initial public offering. Both companies are following in their footsteps Holding armthe SoftBank-owned semiconductor designer, held the largest U.S. public offering of the year, at $5.23 billion, and rose 25% in its debut.

Like Arm and Instacart, Klaviyo had A-list investors. BlackRock and AllianceBernstein have expressed interest in buying up to $100 million worth of stock in the IPO, according to Klaviyo’s filings with the Securities and Exchange Commission.

Clavio achieved net profits of about $15 million on revenues of $321 million in the first six months of the year, compared to a loss of $25 million on revenues of $208 million in the same period last year, according to the company’s presentation.

The company’s investors include a growth stock company Summit PartnersE-commerce platform Shopify and venture capital companies a partner And I’m accelerating. Summit will sell 4.9 million shares in the IPO, while Accomplice will sell approximately 1.8 million shares.

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Klaviyo’s largest shareholder will remain co-founder and CEO Andrew Bialecki, who will control 39% of voting rights, followed by Summit with 21%, according to filings.

The offering is led by Goldman Sachs, Morgan Stanley and Citigroup. Klaviyo shares are scheduled to begin trading on the New York Stock Exchange on Wednesday under the symbol How much?.

–A collaboration between Billy Lipschultz and Katie Ruff

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