Early indications show Klaviyo opening up to 20% above the IPO price

Klaviyo Inc. (KVYO) looks set to continue the trend of upbeat Wall Street debuts, as the profitable digital marketing software-as-a-service company's stock is indicated to open up to 20% above the initial public offering price. The company said late Tuesday that its IPO of 19.2 million shares priced at $30 a share, above the expected range. The stock was expected to start trading on the New York Stock Exchange some time around midday Wednesday. An early indication from the NYSE suggests the stock will open between $34 and $36, or 13.3% to 20.0% above the IPO price. At the top of that range, the company would be valued at roughly $9.1 billion. On Tuesday, shares of grocery-delivery app Instacart (CART), known officially as Maplebear Inc., opened 40% above its IPO price, before paring gains to close the day 12.3% above the IPO price. And last Thursday, shares of semiconductor-design company Arm Holdings PLC (ARM) opened 10% above its IPO price, then extended gains to close that day 24.7% above the IPO price.

-Tomi Kilgore

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09-20-23 1109ET

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