By Echo Wang
NEW YORK (Reuters) -Data and marketing automation firm Klaviyo Inc confidentially submitted paperwork on Friday with U.S. regulators for an initial public offering (IPO) in New York, according to people familiar with the matter.
While terms of the IPO have not yet been set, the Boston-based company is mulling a raise of at least $750 million in the listing, one of the sources said. Klaviyo was valued at about $9.5 billion in its last financing round in 2021.
Klaviyo has tapped banks including Goldman Sachs Group Inc , Morgan Stanley, Citigroup Inc, Barclays Plc, Mizuho Financial Group Inc and William Blair to lead its preparations for the listing, the sources said.
Klaviyo declined to comment. The banks did not immediately respond to requests for comment.
The Wall Street Journal had reported in April that Klaviyo was preparing for an IPO.
Klaviyo, founded in 2012 by software engineers Andrew Bialecki and Ed Hallen, helps store and analyze data for e-commerce brands that enables them to send out personalized marketing emails and messages to potential customers.
According to its website, Klaviyo currently counts over 100,000 businesses in more than 80 countries as customers.
With the IPO registration, Klaviyo becomes the second high-profile name in recent weeks to press ahead with an offering, even as stock market volatility and economic uncertainty has put many other IPO hopefuls off.
SoftBank Group Corp’s Arm Ltd filed confidentially for its stock market listing in April, Reuters reported. Arm is hoping to raise as much as $10 billion from the IPO, which is expected to be the biggest of the year.
(Reporting by Echo Wang in New YorkEditing by Anirban Sen and David Gregorio)
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