Klaviyo Debuts on NYSE in First Major US Software IPO Since 2021
Marketing automation company Klaviyo goes public on the New York Stock Exchange, marking the first significant initial public offering for a U.S. venture-backed software firm in nearly two years.
Klaviyo shares rise 9.2% in their New York Stock Exchange debut as the marketing automation company achieves the first notable initial public offering for a U.S. venture-backed software business since late 2021. The stock opens at $36.75 but declines throughout the day to close at $32.76. Klaviyo prices 19.2 million shares at $30 each, valuing the company at just over $9 billion and adding $345 million in cash to its balance sheet.
This listing arrives just one day after grocery delivery company Instacart makes its public debut on the Nasdaq, with both companies attempting to reopen a tech IPO market that remains largely shut for 21 months. While chip designer Arm goes public the previous week, that firm is based in the U.K. and controlled by Japan's SoftBank, making Klaviyo the true test for domestic venture-backed software sentiment.
Founded in 2012, Klaviyo helps businesses store user data and build targeted marketing profiles for email and text message campaigns. The company initially focuses on e-commerce but currently sees growing demand from restaurants, travel, and entertainment sectors. In its latest quarter, Klaviyo reports a 51% revenue increase to $164.6 million as it navigates a market that values less mature tech businesses well below their 2021 peaks.