Marketing automation provider Klaviyo, a partner of e-commerce firm Shopify, has upped the share price range for its initial public offering amid views that the IPO market is heating up. Klaviyo stock will begin trading on Tuesday.
Klaviyo increased its share price range to $27 to $29, up from $25 to $27, for an offering of 19.2 million shares. The Klaviyo IPO will raise about $557 million.
The company will list on the New York Stock Exchange under the ticker KVYO.
Shopify and Boston-based Klaviyo forged an alliance in 2022. Klaviyo serves as Shopify's recommended email solutions provider for high-volume merchants. Shopify also made a strategic $100 million investment in Klaviyo. Pre-IPO, Shopify owns about 11% of Klaviyo, founded by Andrew Bialecki and Ed Hallen.
Meanwhile, Klaviyo competes with Braze as a customer engagement solutions platform.
IPO Market Heating Up
The IPO market appears to be heating up. Online grocery delivery service Instacart will launch its IPO on Tuesday as well.
San Francisco-based Maplebear, doing business as Instacart, will trade under the symbol CART. In the Instacart IPO, shares are priced in a range of $28 to $30, up from an earlier range of $26 to $28.
Instacart delivers groceries from over 40,000 stores in the U.S. and Canada to over 7.7 million monthly active customers.
Further, chip designer Arm, whose majority owner is Japan-based SoftBank, went public last week. The Arm IPO raised $5 billion for SoftBank, which still owns 90% of Arm.
Follow Reinhardt Krause on Twitter @reinhardtk_tech for updates on 5G wireless, artificial intelligence, cybersecurity and cloud computing.
