SoftBank-backed chip designer Arm Holdings Ltd, grocery delivery service Instacart and biopharmaceutical firm Neumora Therapeutics have teed up their IPO plans, signaling a thaw in the market for new issues that had remained moribund for nearly two years.
Boston-based Klaviyo, which operates an email marketing platform, and its selling shareholders are offering 19.2 million shares at $25 to $27 apiece and are aiming to raise $518.4 million at the top end of the range.
However, the company’s proposed valuation is a climb down from the $9.15 billion pre-money valuation at which Klaviyo last raised capital in 2021, reflecting a broader gloom in the technology startup ecosystem.
Klaviyo, whose co-founder and CEO Andrew Bialecki holds a 38% stake, also counts Canadian e-commerce giant Shopify (NYSE:SHOP) and affiliates of investment company Summit Partners as its shareholders.
Founded in 2012, the company helps store and analyze data for e-commerce brands that enables them to send out personalized marketing emails and messages to potential customers.
Klaviyo posted a 51% growth in revenue to $164.6 million for the three months ended June 30.
Certain funds and accounts managed by asset manager BlackRock (NYSE:BLK) and entities affiliated with AllianceBernstein (NYSE:AB) L.P. have separately indicated an interest in buying a total of up to $100 million in the offering, Klaviyo said.
It expects to trade on the New York Stock Exchange under the ticker symbol “KVYO”.
Goldman Sachs, Morgan Stanley and Citigroup (NYSE:C) are lead underwriters for the offering.
Source: Economy - investing.com
