NEW YORK (Reuters) -Marketing automation firm Klaviyo's shares closed well below their first-day high on Wednesday, while a slump in the stocks of Arm Holdings and Instacart added to doubts over whether a hoped-for new-listings revival would materialize. The high-profile listings have put investor focus back on the initial public offering (IPO) market after a nearly 18-month dry spell, but it may still be a tough time for offerings given high interest rates and recent declines in the broader U.S. stock market, said some investors and market participants. "Investment bankers that help to take companies public are pushing the strong debut of Arm and Instacart ... saying this is a great time to go public," said Robert Pavlik, senior portfolio manager at Dakota Wealth in Fairfield, Connecticut.