Marketing and data automation provider Klaviyo Inc. is elevating its target to $557 million for what is expected to be a third major US initial public offering in a week, according to people familiar with the matter.
The Boston-based company decided Sunday to raise the price range for the IPO to $27 to $29 a share, said the people who asked not to be identified because the information wasn’t public yet. The company and existing shareholders earlier planned to sell 19.2 million shares for $25 to $27 each.
Klaviyo, which is planning to hold the share sale Tuesday, is expected on Monday to submit its revised plan to the US Securities and Exchange Commission. A spokesperson for the company declined to comment. Both companies are following in the wake of SoftBank Group Corp.-owned semiconductor designer Arm Holdings Plc, which lodged the year’s biggest IPO and then rose 25% Thursday in its trading debut.
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