Klaviyo, which provides a software platform that automates digital marketing campaigns, raised $576 million by offering 19.2 million shares (40% secondary) at $30, above the upwardly revised range of $27 to $29. The company originally set a range of $25 to $27, but raised it earlier this week.
Klaviyo's SaaS platform combines proprietary data and application layers into one vertically-integrated solution with machine learning and artificial intelligence capabilities. This is believed to enable business users of any skill level to harness their data in order to send the right message at the right time across email, SMS, and push notifications, more accurately measure and predict performance, and deploy the specific actions and campaigns that drive the highest impact. The company has focused on marketing automation within retail and ecommerce as its first application use case, and believes its software is extensible across a broad range of functions and verticals. As of June 30, 2023, its platform had scaled to over 130,000 customers.
Klaviyo plans to list on the NYSE under the symbol KVYO. Goldman Sachs, Morgan Stanley, Citi, Barclays, Mizuho Securities, William Blair, Piper Sandler, and Truist Securities acted as joint bookrunners on the deal.
