Marketing and data automation provider Klaviyo Inc (NYSE:KVYO) stock is trading higher by 16% on its trading debut.

The company priced its initial public offering above expectations, raising $576 million. Klaviyo's shares opened at $36.75, beating the market expectations of $34 - $36.

The IPO saw Klaviyo and some of its current investors sell 19.2 million shares for $30 each, surpassing their earlier marketing range of $27 to $29 per share. 

This development gives the Boston-based company a fully diluted value of approximately $9 billion, Bloomberg reports.

Klaviyo's investor roster includes growth equity firm Summit Partners, e-commerce giant Shopify Inc (NYSE:SHOP), and venture firms Accomplice and Accel. 

Financially, Klaviyo has shown positive growth, with approximately $15 million in net income and $321 million in revenue for the first half of this year, compared to a loss of $25 million on $208 million in revenue during the same period in the previous year.

The company's largest shareholder will remain co-founder and CEO Andrew Bialecki, who will maintain control over 39% of the voting power, followed by Summit with 21%, according to the filings. Bialecki, 37, founded the company in 2012 after studying physics, astronomy, and astrophysics at Harvard.

Goldman Sachs Group Inc (NYSE:GS), Morgan Stanley (NYSE:MS), and Citigroup Inc (NYSE:C) will lead the IPO. 

Price Action: KVYO shares traded higher by 15.10% at $34.51 on the last check Wednesday.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.