(Reuters) -Marketing automation company Klaviyo on Monday increased the proposed price range for its initial pubic offering (IPO) due this week, targeting a fully diluted valuation of up to $9 billion.

Klaviyo said in a filing nearly 19.2 million shares would be sold in the IPO, priced between $27 and $29 each. Its earlier range was between $25 and $27.

The IPO, which is scheduled to price on Tuesday, is nearly 20 times oversubscribed because of investor demand, Reuters reported last week.

A strong debut from SoftBank’s Arm Holdings last week raised hopes of a rebound in the IPO market, but the lukewarm reception to Neumora Therapeutics has tempered some optimism.

Klaviyo’s hike comes after another IPO contender, Instacart, raised its price range on Friday.

SoftBank, however, had refrained from lifting the IPO price of its most valuable asset, chip designer Arm, as bankers argued it was better to leave the additional $1 per share – equivalent to about $1 billion in value – on the table, Reuters reported, citing sources.

Traditional U.S. IPOs have raked in more than $5 billion so far in September, according to data from Dealogic, already the second-biggest month for such share offerings this year.

Klaviyo has lined up major asset managers as investors in its IPO.

BlackRock Inc and AllianceBernstein LP have indicated an interest in buying up to $100 million worth of shares each, according to a regulatory filing.

Klaviyo, founded in 2012 by software engineers Andrew Bialecki and Ed Hallen, helps store and analyze data for e-commerce brands, enabling them to send out personalized marketing emails and messages to potential customers.

The company’s customers include over 100,000 businesses in more than 80 countries.

(Reporting by Jaiveer Shekhawat and Niket Nishant in Bengaluru; Editing by Nivedita Bhattacharjee and Devika Syamnath)

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