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Klaviyo’s IPO prices at $30 per share


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Klaviyo, a Boston-based marketing software company, has priced its initial public offering at $30 a share late Tuesday, according to a source familiar with the situation.

On a fully diluted basis, Klaviyo will have 306 million shares outstanding, giving the company a market value of about $9.2 billion at the IPO price.

On Monday, Klaviyo increased the expected price range for the offering to between $27 to $29 per share, from a previous estimate of $25 to $27. The company will be listed on the New York Stock Exchange under the ticker symbol KVYO, with trading to begin on Wednesday.

This is the third in a series of technology IPOs after several months when the new technology issuance window has essentially closed. Arm Holdings (ticker: ARM), a U.K.-based chip designer, went public last week at $51 a share and quickly rose 25%, though it has since given up most of the initial gains. Maplebear (CART), Instacart’s parent company, went public at $30 a share, opened for trading Tuesday at $42, then closed its first day as a public company at $33.70.

Klaviyo, founded in 2012, helps businesses with digital marketing campaigns that use email, text messages and other notifications. The company competes with companies such as Adobe

Sales force

And guess

MailChimp module.

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The offering amounts to 19.2 million shares, including 11.5 million for sale to shareholders. The total includes five million shares of investment firm Summit Partners, which will still have a 21% voting stake after the offering.

Klaviyo has two classes of stock – A shares and B shares – with B shares getting 10 votes each, versus 1 vote per A share. Insiders control the Class B shares, which together represent more than 99% of the voting rights in the stock. Shopify will have an 11.5% voting stake in the company after the offering, with its stake worth about $1 billion at the IPO price, just over 1% of the e-commerce software company’s market capitalization. CEO and co-founder Andrew Bialecki will own 39% of the voting power after the offering.

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In a recent research note, Roth MKM analyst Rohit Mulkarni noted that more than 80% of the company’s annual revenue comes from Shopify customers.

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For the six months ended June 30, Klaviyo posted revenue of $246.6 million, up 64% from the same period a year earlier. Full-year 2022 revenue was $344.7 million, up 67% from 2021. The company was profitable this year, with net income for the first six months at $15.2 million. Trailing 12-month revenue during the fourth quarter was $585.1 million, up 56.5%.

The company indicated in its prospectus that BlackRock and AllianceBernstein have agreed to purchase up to $100 million worth of shares at the IPO price.

Goldman Sachs

Morgan Stanley and Citigroup are leading the underwriting group for the deal.

Write to Eric J. Savitz at

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