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Investor interest in IPOs has renewed as a flurry of deals hit the United States and European markets, which have seen many high-profile startups shelve their listing plans over the last year due to market volatility.
Other marquee names testing the IPO market include SoftBank (TYO:9984) Group-backed chip designer Arm and grocery delivery app Instacart.
Successful stock market flotations from these companies could underscore the return of investor appetite for high-growth technology firms and could buoy the IPO market, encouraging other startups to move ahead with their offerings.
Klaviyo did not disclose the size, timetable or other details of the offering.
Reuters reported earlier that Klaviyo was planning a U.S. float as soon as this year, targeting to raise at least $750 million in the listing. It raised $320 million in its last funding round in 2021, which gave it a pre-money valuation of $9.15 billion.
The company reported revenue of $164.6 million for the quarter ended June 30, compared with $109 million a year earlier.
Klaviyo’s shares are expected to begin trading on the New York Stock Exchange under the ticker symbol “KVYO”. It has Canadian e-commerce giant Shopify (NYSE:SHOP) and affiliates of investment firm Summit Partners among its backers.
Founded in 2012, Klaviyo helps store and analyze data for e-commerce brands that enables them to send out personalized marketing emails and messages to potential customers. The company said it had over 130,000 customers as of June 30.
Goldman Sachs, Morgan Stanley and Citigroup (NYSE:C) are acting as lead underwriters of the offering, the company said in its filing.
