Klaviyo (NYSE:KVYO), a provider of marketing and data automation solutions, has adjusted its initial public offering (IPO) price range.
The company now plans to offer its shares at a price between $27 and $29 per share, up from the previous range of $25 to $27 per share, the company said in an amended filing.
Klaviyo is aiming to raise $556.8 million at the top end of the new price range. This would value the company at approximately $7.3 billion as the company plans to offer a total of 19.2 million shares of its Series A common stock through its IPO.
It's important to note that Klaviyo will not receive any proceeds from the sale of shares by the selling stockholders.
Klaviyo has received approval to list its Series A common stock on the New York Stock Exchange under the symbol "KVYO."
The lead underwriters for Klaviyo's IPO are Goldman Sachs, Morgan Stanley, and Citigroup.
This pricing adjustment aligns with a trend seen in the market, as other companies like Instacart (CART) have also raised their price ranges in response to the successful IPO of Arm Holdings (NASDAQ:ARM) last week.