Klaviyo raises IPO price range, aiming for $9 billion valuation

Klaviyo is targeting a fully diluted valuation of up to $9 billion in its initial public offering after it raised the proposed price range of its shares in a filing on Monday. Klaviyo announced the launch of its IPO last week and plans to list shares on the New York Stock Exchange under the ticker "KVYO." It follows Instacarts IPO announcement and Arms debut, showing an early sign that tech IPOs could be making a comeback. Depending on how Klaviyo, Instacart and Arm perform, their offerings could encourage other tech companies to follow. E-commerce company Shopify owns about 11% of Klaviyo shares, the marketing firm disclosed, with about three quarters of its annualized recurring revenue derived from customers who use Shopify, as of the end of 2022.