Shopify-Backed Klaviyo Draws BlackRock to $518 Million IPO (1)

Marketing and data automation provider Klaviyo Inc. has attracted cornerstone investors including BlackRock Inc. for a US initial public offering that’s set to raise as much as $518 million.

The Boston-based company is offering 11.5 million shares for $25 to $27 each, while existing shareholders plan to sell 7.7 million shares, it said in a filing Monday with the US Securities and Exchange Commission.

It joins Instacart, which also set a price range and embarked on its IPO roadshow today.

BlackRock and AllianceBernstein LP have expressed interest in buying as much as $100 million of IPO shares in aggregate, according ...