Shares of Klaviyo Inc. were cheered in their Wall Street debut, as the digital-marketing software-as-a-service company’s stock opened 22.5% above its initial public offering price.
The company sold 19.2 million shares in its IPO, which priced at $30 a share, which was above the expected range. Klaviyo raised $345.2 million in the IPO, as it sold 11.51 million shares, while selling shareholders sold 7.69 million shares.
The stock’s
KVYO,
first trade on the New York Stock Exchange was at $36.75 at 12:44 p.m. Eastern time, for 1.9 million shares.
With 251.86 million Class A and Class B shares outstanding after the IPO, the opening implies a market capitalization for Klaviyo of about $9.26 billion.
Read: Klaviyo IPO: 5 things to know about the digital marketer trying to cut through the spam.
Klaviyo’s upbeat debut follows warm receptions for two other high-profile IPOs in the past week.
On Tuesday, shares of grocery-delivery app Instacart
CART,
known officially as Maplebear Inc., opened 40% above the IPO price before paring gains to close the first day up 12.3%.
And last Thursday, shares of semiconductor-design company Arm Holdings PLC
ARM,
opened 10% above the IPO price, then extended gains to close up 24.7%.
Klaviyo’s stock has pulled back slightly since its open, changing hands at $34.63, or 15.4% above the IPO price, in recent afternoon trading.