Klaviyo Inc. is reportedly raising the target of its upcoming initial public offering to more than $550 million.
Bloomberg News reported late Sunday that Klaviyo has decided to raise the target range for its shares to $27 to $29, up from its previously stated range of $25 to $27 a share. At the top of that new range, the IPO would raise $557 million, with the company valued at about $8.7 billion, according to Bloomberg.
The Boston-based digital marketing software-as-a-service platform is scheduled to go public Tuesday on the New York Stock Exchange under the ticker symbol “KVYO.” Goldman Sachs, Morgan Stanley and Citigroup are the lead underwriters.
The move comes after Instacart, which is also primed to go public this week, raised its price range Friday to $28 to $30 a share, from $26 to $28 previously, following the success of Arm Holdings’ ARM, -4.47% successful IPO last week.