BUZZ-Klaviyo falls on $196 mln secondary offering

Reuters
08/14
BUZZ-Klaviyo falls on $196 mln secondary offering

** Shares of marketing automation firm Klaviyo Inc KVYO.N down 3.8% premarket to $30.27 after secondary offering

** Boston, Massachusetts-based KVYO late Wed said Summit Partners unloading 6.5 mln shares

** Offering priced at $30.22, thefly.com reports, which is a 4% discount to stock's last close of $31.48

** Offering size equates to gross proceeds of about $196 mln

** Sale cuts private equity firm Summit's holdings from ~30.8 mln shares to ~24.3 mln shares, or 13.8% stake, per offering prospectus

** KVYO has ~300 mln total shares outstanding for ~$9.4 bln market cap

** Barclays is the underwriter for the offering

** Through Wed close, KVYO shares down ~24% YTD

** Last Wed, stock rose 15% to $35.31 after co raised its annual rev forecast for second time in 2025

** 19 of 21 analysts rate KVYO "strong buy" or "buy", rest rate "hold" and median PT is $45 - LSEG

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))

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