Marketing software company Klaviyo has priced its initial public offering (IPO) at $30 per share, raising approximately $576 million. The IPO values Klaviyo at $9.2 billion, with 306 million total shares outstanding on a fully diluted basis. Klaviyo’s shares will start trading on the New York Stock Exchange under the ticker symbol “KVYO.”
Founded in 2012, Klaviyo helps online retailers track customers across emails, texts, and web visits. The company has experienced rapid growth, with $473 million in revenue last year, a 63% increase from 2021. In the first half of this year, revenue grew by 54% to $321 million, and Klaviyo reported a profit of $15 million.
Goldman Sachs, Morgan Stanley, and Citigroup managed the IPO, with Klaviyo selling a total of 19.2 million shares. However, existing shareholders, including venture capital firm Summit Partners, sold 7.7 million of those shares, and Klaviyo will not receive any proceeds from those sales.
The IPO marks the first tech company from the Boston area to go public via an IPO since 2021. Prior to Klaviyo, the only companies that went public this year were three biotechs. In 2021, 10 companies went public, primarily in the biotech sector.
The pricing of $30 per share exceeded the expected range of $27 to $29. Klaviyo had previously projected a range of $25 to $27 per share in an earlier filing.
Sources:
– Bloomberg: https://www.bloomberg.com/
– Reuters: https://www.reuters.com/
– Pitchbook: https://pitchbook.com/
– Aaron Pressman, The Boston Globe
