Klaviyo falls on $196 mln secondary offering

Shares of marketing automation firm Klaviyo Inc KVYO.N down 3.8% premarket to $30.27 after secondary offering

Boston, Massachusetts-based KVYO late Wed said Summit Partners unloading 6.5 mln shares

Offering priced at $30.22, thefly.com reports, which is a 4% discount to stock's last close of $31.48

Offering size equates to gross proceeds of about $196 mln

Sale cuts private equity firm Summit's holdings from ~30.8 mln shares to ~24.3 mln shares, or 13.8% stake, per offering prospectus

KVYO has ~300 mln total shares outstanding for ~$9.4 bln market cap

Barclays is the underwriter for the offering

Through Wed close, KVYO shares down ~24% YTD

Last Wed, stock rose 15% to $35.31 after co raised its annual rev forecast for second time in 2025

19 of 21 analysts rate KVYO "strong buy" or "buy", rest rate "hold" and median PT is $45 - LSEG