Shopify-Backed Klaviyo Seen Opening 13% or More Above IPO Price

Klaviyo and a group of its current investors sold 19.2 million shares for $30 each after earlier marketing them for $27 to $29 each, according to a statement confirming an earlier report by Bloomberg News. At the IPO price, the Boston-based company has a fully diluted value of about $9 billion.

Like Arm and Instacart, Klaviyo signed up cornerstone investors to help support the listing. BlackRock Inc. and AllianceBernstein LP expressed interest in buying as much as $100 million of the IPO shares in aggregate, according to Klaviyo’s filings with the US Securities and Exchange Commission. Klaviyo had net income of about $15 million on revenue of $321 million for the first six months of the year, compared with a loss of $25 million on revenue of $208 million for the same period last year, according to the filing.

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