Marketing firm Klaviyo targets close to $8.4 billion in US IPO

Marketing firm Klaviyo has announced that it is eyeing a valuation of up to $8.4 billion in its initial public offering (IPO) in the United States.

The email marketing platform is offering 19.2 million shares at $25 to $27 apiece and is aiming to raise $518.4 million at the top end of the range.

Klaviyo counts Canadian e-commerce giant Shopify and affiliates of investment company Summit Partners as its shareholders.

Founded in 2012, Klaviyo helps store and analyze data for e-commerce brands that enables them to send out personalized marketing emails and messages to potential customers.

Klaviyo has over 1,500 and more than 130,000 customers as of June 30. The company also operates internationally, including in the United Kingdom and Australia.

The company is expected to debut in September. It expects to trade on the New York Stock Exchange under the ticker symbol “KVYO”.

Goldman Sachs, Morgan Stanley, and Citigroup are lead underwriters for Klaviyo’s IPO.

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