Klaviyo Dips Below Offer Price in Another Disappointment for IPO Market
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The moribund market for initial public offerings was dealt another blow as Klaviyo Inc. joined a group of closely watched companies to slump below the price at which it sold millions of shares.
The Shopify Inc.-backed firm, which sells software to other businesses, joins chip designer Arm Holdings Plc, Instacart, and Birkenstock Holding Plc to close below their IPO prices as investors avoid risky assets amid geopolitical and macroeconomic uncertainty. Each of the September listings are down more than 26% from their intraday peaks while Birkenstock has never traded above its $46 offer price since debuting last week.