Klaviyo reportedly raises price range of its upcoming IPO

Klaviyo Inc. is reportedly raising the target of its upcoming initial public offering to more than $550 million.

Bloomberg News reported late Sunday that Klaviyo has decided to raise the target range for its shares to $27 to $29, up from its previously stated range of $25 to $27 a share. At the top of that new range, the IPO would raise $557 million, with the company valued at about $8.7 billion, according to Bloomberg.