Klaviyo dips below IPO price for first time

By Chuck Mikolajczak

NEW YORK (Reuters) -Shares in Klaviyo Inc dipped below its $30 initial public offer price on Thursday for the first time since its Sept. 20 trading debut on the New York Stock Exchange.

The stock touched a low of $29.89 during the session before closing down 2.2% at $30.00 on the day. It has been unable to return to its intraday trading record high of $39.47, reached on its first day of trading.

Companies pursuing U.S. initial public offerings (IPOs) after a string of lackluster stock market debuts are receiving advice from investment bankers to lower their valuation expectations.

(Reporting by Chuck Mikolajczak and Sinéad Carew; editing by Jonathan Oatis)