Marketing and data automation provider Klaviyo Inc. priced its initial public offering above a marketed range to raise $576 million in the third major US listing in a week.
Klaviyo and a group of its current investors sold 19.2 million shares Tuesday for $30 each, after 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.
The share sale comes on the heels of Tuesday’s trading debut by online grocery delivery company Instacart, whose shares rose 12% after its $660 million IPO. Both companies are following in the wake of SoftBank Group Corp.-owned semiconductor designer Arm Holdings Plc, which lodged the year’s biggest US IPO at $5.23 billion and then rose 25% Thursday in its trading debut.
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