Marketing-automation platform Klaviyo Inc. has revealed its intentions to conduct an initial public offering (IPO), with the aim of selling over 11.5 million Series A common shares. The offering price is expected to be between $25 and $27 per share. At the midpoint of this range, Klaviyo anticipates net proceeds of approximately $274.5 million.
In addition to the aforementioned shares, the IPO will also include the sale of nearly 7.7 million shares by existing investors, increasing the total number of shares to be offered to 19.2 million.
Despite going public, Klaviyo’s voting power will largely remain in the hands of its Series B common stockholders, who are expected to retain approximately 99% of the voting power.
Klaviyo not only serves as a marketing-automation platform but also acts as a custodian for customer data pertaining to business-to-consumer brands. In the six months ending June 30, the company reported a profit of $15.2 million on revenue of $320.7 million. This marks a significant improvement from the prior year, which saw a loss of $24.6 million on revenue of $208.3 million.
To facilitate the IPO, Klaviyo has submitted an application to list its shares on the New York Stock Exchange under the symbol KVYO.
