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.
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.
Klaviyo’s upbeat debut follows warm receptions for two other high-profile IPOs in the past week.
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.