Klaviyo Inc. is reportedly increasing the target range for its highly anticipated initial public offering (IPO) to more than $550 million. According to Bloomberg News, the Boston-based digital marketing software-as-a-service platform has decided to raise the target range for its shares from $25 to $27 to $27 to $29 per share.
The revised range would enable the IPO to generate approximately $557 million, resulting in a valuation of about $8.7 billion for the company. Klaviyo is set to go public on Tuesday, and its shares will be traded on the New York Stock Exchange under the ticker symbol "KVYO." Leading the underwriting process are Goldman Sachs, Morgan Stanley, and Citigroup.
This decision follows Instacart's recent move to raise its price range as well. Instacart, another company preparing for its IPO this week, raised its range to $28 to $30 per share, up from $26 to $28 previously. The change in price range was influenced by the successful IPO of Arm Holdings last week.
- Klaviyo Inc. is increasing its IPO target to more than $550 million.
- The new target range for Klaviyo's shares is $27 to $29 per share.
- At the top end of the range, the IPO could raise $557 million, valuing the company at approximately $8.7 billion.
- Klaviyo will debut on the New York Stock Exchange with the ticker symbol "KVYO."
- Leading underwriters for the IPO are Goldman Sachs, Morgan Stanley, and Citigroup.
Also, check out: Instacart IPO: 5 things to know about the app that’s looking to ride a ‘massive digital transformation’ in grocery shopping