Shopify-Backed Klaviyo Falls From Opening Jump to Close Up 9.2% in Third Big US IPO in a Week
- Email software firm closes debut at $9.9 billion valuation
- Founder Bialecki’s fortune rises to $3.4 billion with IPO
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Marketing and data automation provider Klaviyo Inc. climbed 9.2% in its trading debut after topping its goal to raise $576 million in an initial public offering that could set the pace for listings by other startups.
The IPO is the third major US listing in the past week, following grocery delivery company Instacart and Arm Holdings Plc, the semiconductor designer owned by SoftBank Group Corp., whose $5.23 billion IPO is the year’s biggest. Opening day gains by all three show investors are willing to put money into newly public companies after a nearly two-year dearth of offerings on US exchanges.