Klaviyo Shares Hop 9% In NYSE Debut Marking Week’s 2nd Major Startup IPO

Shares of data automation startup Klaviyo closed up around 9% on their first day of trading on Wednesday, a muted performance for the second big venture-backed IPO of the week.

Late Tuesday, the company priced shares at $30 each, a bit above the projected range, raising around $576 million. The offering set an initial valuation of around $9 billion for Boston-based Klaviyo, which made its debut on the New York Stock Exchange under the ticker symbol “KYVO.” Shares initially popped about 20% in early trading before subsiding as the day wore on.

Klaviyo’s offering follows a period of sharp growth for 11-year-old Klaviyo, which helps e-commerce brands analyze their data and use it to send personalized marketing messages to consumers. It turned a profit of $15 million on $321 million in revenue in the first half of the year — up 54% versus a year earlier.

Its most recent funding round was a $100 million investment led by e-commerce giant Shopify a year ago that valued it at close to $10 billion. Other investors include Summit Partners, Accel, Owl Rock Capital and Whale Rock Capital Management. To date, the company has raised over $770 million in venture funding, per Crunchbase.

Klaviyo’s offering is the latest and smallest in a trio of high-profile debuts in the past two weeks. Last week, chipmaker Arm Holdings entered the market, raising $4.87 billion in a well-received Nasdaq debut. Then on Tuesday, Instacart delivered on its much-awaited offering, with shares rising on their first day out before retreating some in today’s trading.

Related Crunchbase Pro list

Related Reading

Illustration: Dom Guzman

Search less. Close more.

Grow your revenue with all-in-one prospecting solutions powered by the leader in private-company data.

Start Your Search

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


More Related Articles

Info icon

This data feed is not available at this time.

Sign up for Smart Investing to get the latest news, strategies and tips to help you invest smarter.