Klaviyo slips after CEO sells stock in $373 mln secondary offering
Shares of marketing automation firm Klaviyo Inc KVYO.N down 1% premarket to $34.48 after secondary offering priced
Boston, Massachusetts-based software firm late Weds announced ~10.97 mln shares sold by CEO Andrew Bialecki to cover tax obligations related to exercise of his stock options, which expire this year
Offering price of $34 equates to total raise of ~$372.9 mln and represents 2.4% discount to stock's last sale
KVYO shares on Weds fell 7.1% after co late Tues commenced $372 mln offering
Goldman Sachs, Morgan Stanley and Citigroup are jt lead bookrunners for offering
Klaviyo has 276 mln shares outstanding for $9.6 bln market cap
Through Weds, shares down 15.5% YTD. Stock hit record intraday high of $49.55 in Feb
Avg rating among 23 analysts is "buy" and median PT is $43.88, per LSEG
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