Monday, Klaviyo Inc., a marketing-automation software company, announced the terms for its initial public offering (IPO), targeting a valuation of up to $6.80 billion. The Boston-based firm is set to offer 19.2 million shares, with 11.5 million shares being offered by the company and 7.7 million shares offered by selling shareholders. The IPO is expected to price between $25 and $27 a share, which means the company could raise up to $310.7 million.
The shares are expected to list on the New York Stock Exchange under the ticker symbol "KVYO." Goldman Sachs (NYSE:GS), Morgan Stanley (NYSE:MS), and Citigroup (NYSE:C) are the lead underwriters of the IPO. For the six months ended June 30, Klaviyo reported net income of $15.2 million on revenue of $321.7 million, a significant improvement from a net loss of $24.6 million on revenue of $208.3 million in the same period last year.
Also on Monday, RayzeBio Inc., a California-based radiopharmaceutical company with a tumor treatment in a Phase 3 trial, announced its IPO terms aiming to raise up to about $238.2 million. With 55.32 million shares expected to be outstanding after the IPO, RayzeBio could be valued at up to $995.7 million.
Both companies are looking to go public at a time when the Renaissance IPO ETF has gained 6.5% over the past three months and the S&P 500 has added 3.7%.
On the same day, Instacart, an online shopping app that allows customers to order food and other products from local grocery stores, disclosed further details about its upcoming IPO. Including overallotments provided to underwriters, Instagram will have approximately 331 million shares outstanding, giving it a market capitalization of about $8.9 billion, based on an IPO price at the midpoint of the proposed range. The company plans to list on the Nasdaq under the symbol "CART." For the six months ending June 30, Instacart reported net income attributable to common stockholders of $27 million and revenue of $1.48 billion, compared with a loss of $74 million and revenue of $1.13 billion in the year-ago period. As part of the IPO, PepsiCo (NASDAQ:PEP) Inc. has agreed to buy $175 million worth of shares.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.