Klaviyo said it priced 19.2 million shares at US$30 apiece. It had raised its indicated IPO price range from US$25-$27 per share to US$27-$29 per share on Monday.
Reuters was first to report that Klaviyo was considering pricing the IPO above its targeted range at US$30 per share. Bloomberg News first reported about the IPO being priced at US$30.
BlackRock Inc and AllianceBernstein LP have already agreed to buy up to US$100 million worth of shares each, accounting for a big stake of the total proceeds.
The offering is the latest sign of a rebound in the US IPO market, which was arid last year and most of this year until SoftBank Group Corp’s chip designer Arm floated on Nasdaq last week at a US$54.5 billion fully diluted valuation.
Klaviyo, founded in 2012 by software engineers Andrew Bialecki and Ed Hallen, helps store and analyse data for e-commerce brands that enables them to send out personalised marketing emails and messages to potential customers.
Klaviyo counts over 130,000 businesses in more than 80 countries as its customers.
Klaviyo’s shares will start trading on the New York Stock Exchange on Wednesday under the ticker “KVYO”.
Goldman Sachs, Morgan Stanley, Citigroup Inc , Barclays Plc, Mizuho Financial Group and William Blair are amongst the underwriters for the offering.