BUZZ-Klaviyo drops below IPO price for first time

-0.34%

-0.51%

-1.03%

-1.07%

-1.69%

Shopify, Inc. Class A SHOP	164.19	-0.34%
Dow Jones Industrial Average DJI	48458.05	-0.51%
Klaviyo, Inc. KVYO	29.84	-1.03%
S&P 500 index SPX	6827.41	-1.07%
NASDAQ IXIC	23195.17	-1.69%

** Marketing automation firm Klaviyo Inc's KVYO.N shares fall 2.5% to $29.89 in Thurs afternoon trade, dipping below last month's IPO price for the first time

** Stock last down 2.4% at $29.93, vs $30 IPO price set on Sept 19

** S&P 500 .SPX and Nasdaq .IXIC both losing about 1% on the session

** Shares of Klaviyo, whose backers include Canadian e-commerce giant Shopify SHOP.TO, now down about 24% from their intra-day high of $39.47 hit on first day of trade

** Weak performances by Klaviyo and the other three marquee companies German sandal maker Birkenstock BIRK.N, chip designer Arm ARM.O and grocery delivery app Instacart/Maplebear CART.O over the past month have lowered expectations of a resurgence in IPOs before end of 2023

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

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

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