The third in a flurry of recent tech IPOs, the software marketing firm priced its offering at the top of the expected range.
Klaviyo, a Boston-based marketing software firm, priced its initial public offering at $30 a share late Tuesday, according to a source familiar with the situation.
On Monday, Klaviyo had increased the expected price range for the offer to between $27 to $29 a share, from a previous estimate of $25 to $27. The company will list on the New York Stock Exchange under the ticker symbol KVYO, with trading to commence Wednesday. Klaviyo, founded in 2012, helps companies with digital marketing campaigns that use email, text messages, and other notifications. The company competes with companies like Adobe, Salesforce, and Intuit’s MailChimp unit.
Klaviyo has two classes of stock—A shares and B shares—with the B shares getting 10 votes each, versus one vote for each A share. Insiders control the Class B shares, which together account for more than 99% of the voting interest in the stock. Shopify will hold an 11.5% voting interest in the company after the offering, with its stake worth about $1 billion at the IPO price, a little more than 1% of the e-commerce software firm’s market value.
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