Data and marketing automation company Klaviyo is looking to raise as much as $6.8 billion in its initial public offering, the company confirmed on Monday. This decision to go public follows that of chip designer Arm Holdings Ltd and grocery delivery service Instacart.
Klaviyo is set to offer 19.2 million shares, priced between $25 and $27 per share, thereby resulting in a potential income of $518.4 million. The company has received backing from e-commerce giant Shopify and affiliates of investment company Summit Partners. Co-founder and Chief Executive Officer Andrew Bialecki holds a 38% stake in the company.
Founded in 2012, Klaviyo stores and analyzes data for e-commerce companies to help them create more personalized emails and marketing messages. The company generated a revenue of $164.6 million for the three months ended June 30.