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(Reuters) -Data and marketing automation firm Klaviyo disclosed its paperwork for an initial public offering (IPO) on Friday, reporting a surge in revenue growth and profitability in its most recent quarter.
Boston-based Klaviyo posted revenue of $164.6 million for the quarter ended June 30, a 51% jump from the same period last year.
The company reported net income of $15 million on revenue of $321 million for the first six months of 2023, compared with a loss of $25 million on revenue of $208 million during the same period last year, according to its filing.
Klaviyo confidentially filed for its IPO in May, Reuters reported.
Klaviyo’s push to go public comes after similar moves from SoftBank-backed chip designer Arm Holdings Ltd and grocery delivery service Instacart.
Klaviyo is expected to list its shares in September, part of a wave of high-profile names testing investor appetite for new stocks. The market for new listings has been subdued for most of the last two years due to Russia’s invasion of Ukraine and the spike in interest rates.
In May, Reuters reported that Klaviyo was planning a stock market listing as soon as this year, targeting to raise at least $750 million. It raised $320 million in its last funding round in 2021, which gave it a pre-money valuation of $9.15 billion.
Klaviyo’s filing did not disclose the size, timetable or other details of the offering. Its shares are expected to begin trading on the New York Stock Exchange under the ticker symbol “KVYO”.
Among its backers are Canadian e-commerce giant Shopify (NYSE:) and affiliates of investment firm Summit Partners.
Founded in 2012, Klaviyo helps store and analyze data for e-commerce brands that enables them to send out personalized marketing emails and messages to potential customers. The company said it had over 130,000 customers as of June 30.
Goldman Sachs, Morgan Stanley and Citigroup (NYSE:) are lead underwriters of the offering, the company said in its filing.
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