Klaviyo just raised its IPO price

Klaviyo Inc is in focus this morning after raising the price at which it wants to debut on the New York Stock Exchange.

Klaviyo is seeking up to $9.0 billion valuation

The marketing automation platform now plans on moving ahead with its initial public offering at a price of $27 to $29. The top end of that range will value it at about $9.0 billion.

Klaviyo had previously disclosed plans of going public at a price of $25 to $27. Its filing with the Securities & Exchange Commission on Monday reads:

We’re offering 11,507,693 shares of our Series A common stock and selling stockholders which include one of our directors, are selling 7,692,307 shares of our Series A common stock.

Underwriters will have thirty days to exercise the option to purchase another 2,880,000 shares, as per the filing.

Shopify has a stake in Klaviyo

Klaviyo is scheduled to trade on the New York Stock Exchange as “KVYO” before the end of this year.

Shopify – the Canadian eCommerce giant owns about 11% of its shares and users on that platform make up roughly 33% of its annualised recurring revenue. Today’s filing also confirmed:

Certain funds and accounts managed by BlackRock and entities affiliated with AllianceBernstein have indicated an interest in purchasing up to an aggregate of $100 million in shares.

Klaviyo ended the first half of this year with $321 million in revenue versus $208 million a year ago. The announcement arrives only days after the British chip design company Arm went live on Nasdaq as Invezz reported here.