Marketing automation company Klaviyo on Monday increased its proposed price range for its initial public offering, 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. It had earlier said those shares would be priced between $25 and $27 each.

The hike comes after another IPO contender Instacart raised its price range on Friday.

A strong debut from chip designer Arm Holdings has raised hopes of a rebound in the IPO market, but the lukewarm reception to Neumora Therapeutics suggests investor demand for new listings is limited.