By Echo Wang and Anirban Sen
NEW YORK (Reuters) -Marketing automation company Klaviyo Inc secured a valuation of $9.2 billion in its initial public offering (IPO) on Tuesday, the company said, after pricing the share sale above its indicated range.
Klaviyo said it priced 19.2 million shares at $30 apiece. It had raised its indicated IPO price range from $25-$27 per share to $27-$29 per share on Monday.
Reuters was first to report that Klaviyo was considering pricing the IPO above its targeted range at $30 per share. Bloomberg News first reported about the IPO being priced at $30.
BlackRock Inc and AllianceBernstein LP have already agreed to buy up to $100 million worth of shares each, accounting for a big stake of the total proceeds.
The offering is the latest sign of a rebound in the U.S. IPO market, which was arid last year and most of this year until SoftBank Group Corp’s chip designer Arm floated on Nasdaq last week at a $54.5 billion fully diluted valuation.
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.
Klaviyo counts over 130,000 businesses in more than 80 countries as its customers.
Klaviyo’s shares will start trading on the New York Stock Exchange on Wednesday under the ticker “KVYO”.
Goldman Sachs, Morgan Stanley, Citigroup Inc, Barclays Plc, Mizuho Financial Group and William Blair are amongst the underwriters for the offering.
(Reporting by Echo Wang and Anirban Sen in New York; Additional reporting by Dimpal Gulwani in Bengaluru; editing by Timothy Gardner and Miral Fahmy)
Disclaimer: This report is auto generated from the Reuters news service. ThePrint holds no responsibilty for its content.