Klaviyo is seeking a valuation of up to $6.8 billion in its initial public offering in the United States, the data and marketing automation company said on Monday.
The Boston-based tech firm and its selling shareholders are offering 19.2 million shares, priced between $25 and $27 per share, to raise up to $518.4 million in the offering.
Klaviyo’s push to go public comes after similar moves from SoftBank-backed chip designer Arm Holdings Ltd and grocery delivery service Instacart.
Its Co-founder and Chief Executive Officer Andrew Bialecki holds a majority 38% stake in Klaviyo. The firm is also backed by the Canadian e-commerce giant Shopify and affiliates of investment company Summit Partners.
The listing comes as a part of a wave of high-profile names testing investor appetite for new stocks. The IPO market has been subdued for most of the last two years due to Russia’s invasion of Ukraine and the spike in interest rates.
Founded in 2012, Klaviyo helps store and analyze data for e-commerce brands that enables them to send out personalized marketing emails and messages to potential customers.
The firm primarily generates revenue through the sale of subscriptions to customers for the use of its email marketing platform.
It logged a revenue of $164.6 million for the three months ended June 30.
Klaviyo expects to trade on the New York Stock Exchange under the ticker symbol “KVYO”.
Goldman Sachs, Morgan Stanley and Citigroup are lead underwriters for the offering.
Reuters