Marketing software company Klaviyo priced its initial public offering at $30 per share on Tuesday evening, raising about $576 million, the company said.
The IPO values the Boston company at $9.2 billion, with about 308 million total shares outstanding on a fully diluted basis. Klaviyo’s shares will begin trading on the New York Stock Exchange on Wednesday under the ticker symbol “KVYO.”
The deal marks the first tech company based in the Boston area to go public via an IPO since 2021, when restaurant software firm Toast led the way. Only three local companies have gone public this year, all biotechs, and 10 last year, almost all also in biotech, according to data from PitchBook.
Klaviyo’s public debut follows IPOs by British chip designer Arm and California-based grocery delivery service Instacart in the past week, suggesting that the IPO window may be reopening.
Founded in 2012 by Andrew Bialecki and Ed Hallen to help online retailers track shoppers across emails, texts, and web visits, Klaviyo has grown quickly and reached $473 million of revenue last year, up 63 percent from 2021. In the first half of this year, revenue grew 54 percent to $321 million and the company reported a profit of $15 million.
Klaviyo sold a total of 19.2 million shares in the IPO, which was managed by Goldman Sachs, Morgan Stanley, and Citigroup. But about 7.7 million shares were sold by existing shareholders such as venture capital firm Summit Partners, and the company won’t receive any of those proceeds.
The price of $30 per share was just above the expected range of $27 to $29 that Klaviyo had signaled in its most recent securities filing on Monday. And that range was up from an initial projection of $25 to $27 per share included on an earlier filing.
Updated with Klaviyo’s confirmed share price and the correct number of fully diluted shares outstanding after the deal.