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Shares of selling automation agency Klaviyo (NYSE:KVYO) dropped under its preliminary public providing worth on Friday and is about to shut at an at-time low, if losses maintain.
Klaviyo shares have been down 2.3% at $29.30 in afternoon-trading. The corporate had priced 19.2M shares being provided in its IPO at $30 apiece.
The Boston-based firm, which had its NYSE debut in September and has a market valuation of over $7 billion, opened its first day buying and selling at $36.75 and went as excessive as $39.47, earlier than closing at $32.76.
The inventory closed at $30 on Thursday, after going as little as $29.89. It has misplaced almost 8% since debut.
Klaviyo was co-founded by Andrew Bialecki and Ed Hallen in 2012. The corporate helps corporations to retailer consumer knowledge and goal their prospects utilizing e-mail, textual content messages and different channels.
Canadian e-commerce agency Shopify (SHOP) is amongst Klaviyo’s preliminary buyers, with an 11.2% stake within the firm. It’d invested $100M in Klaviyo final 12 months. The corporate has greater than 130,000 paying prospects and over 1500 workers, in accordance with its web site.
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