KVYO: Klaviyo Stock Pops 10% on Debut Day but IPO Market Shows Signs of Fatigue

The marketing-automation firm pumped about 30% from the get-go but shares took a U-turn as investors reassessed IPO market health.

• Klaviyo, the newest addition to the New York Stock Exchange, closed 9.2% higher on its first day as a public company on Wednesday. Shares were priced at $30 for the launch and wrapped up at $32.76. Still, a short burst of dopamine hit KVYO at launch when shares spiked roughly 30% to open trading at more than $36 a piece.
• Klaviyo, a provider of marketing software to retailers, sold 19 million shares in the initial public offering (IPO), raising $576mn. The company closed the day carrying a valuation of $8.3bn. Klaviyo first laid eyes on an IPO in 2021 when it was boasting a peak market cap of $9.2bn.
• The IPO market suddenly became too hot last week when SoftBank-owned Arm ARM soared 25% in its public debut. It’s been digging lower lows since then, down to a Wednesday close at $52.91, 4% above offer price. Instacart CART, a public-market newcomer owned by Maplebear, closed 12% up in its debut on Tuesday but lost 10% yesterday.