Klaviyo, the software-as-a-service (SaaS) company that enables businesses to use their own data to create personalized and engaging digital experiences, has announced its initial public offering (IPO) of 19.2 million shares of its Series A common stock.

The company, which was founded in 2012 and has more than 130,000 paying users, is offering 11.5 million shares, while some of its existing stockholders are selling 7.7 million shares. The IPO price is expected to range from $25 to $27 per share, and the shares will trade on the New York Stock Exchange under the ticker symbol “KVYO”.

The IPO will raise up to $518.4 million for Klaviyo, which plans to use the proceeds for general corporate purposes, including working capital, operating expenses, and capital expenditures. The company will not receive any proceeds from the sale of shares by the selling stockholders.

The underwriters of the IPO have a 30-day option to buy up to an additional 2.9 million shares from certain selling stockholders at the IPO price, less underwriting discounts and commissions.

The lead book runners for the IPO are Goldman Sachs & Co. LLC, Morgan Stanley, and Citigroup. The joint book runners are Barclays, Mizuho, and William Blair. The book runners are Piper Sandler and Truist Securities. The co-managers are Baird, Canaccord Genuity, Needham & Company, and TD Cowen.

The IPO is subject to customary closing conditions and regulatory approvals. The registration statement relating to the IPO has been filed with the U.S. Securities and Exchange Commission but has not yet become effective.

Klaviyo’s platform allows businesses of any size and skill level to capture, store, analyze, and predictively use their first-party data from more than 300 integrations to send personalized messages across email, SMS, and push notifications. The company claims that its platform helps businesses acquire, engage, and retain customers and grow on their own terms.

Some of Klaviyo’s customers include Dermalogica, Living Proof, Citizen Watch, and many other innovative businesses across various industries.