: Klaviyo stock is cheered in its Wall Street debut, as 1st trade is about 23% above the IPO price

Shares of Klaviyo Inc. KVYO were cheered in their Wall Street debut, as the digital marketing software-as-a-service company’s stock opened 22.5% above its initial public offering price. The company’s sold 19.2 million shares in its IPO, which priced at $30 a share. The company raised $345.2 million in the IPO, as it sold 11.51 million shares while selling shareholders sold 7.69 million shares. The stock’s first trade on the New York Stock Exchange was at $36.75 at 12:44 p.m. Eastern for 1.9 million shares. At that price, the company would be valued at about $9.26 billion. The stock has pulled back slightly since the open, to last trade up 18.7% at $35.62. Klaviyo’s upbeat debut follows warm receptions by two other high-profile IPOs in the past week, with Instacart’s stockCART opening 40% above its IPO price and Arm Holdings PLC sharesARM opening 10% above its IPO price.

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