“欧洲花呗”获追捧！Klarna(KLAR.US)IPO今夜定价，估值仅为Affirm一半

Core Viewpoint - Klarna, a Swedish "buy now, pay later" giant, is set to price its IPO, attracting significant investor interest due to its lower implied market valuation compared to competitors like Affirm Holdings [1] Group 1: IPO Details - Klarna plans to issue 34.3 million shares, with over 80% sold by early backers, and has received at least eight times oversubscription [1] - The IPO pricing is expected to be around $37 per share, at the upper end of the $35 to $37 range, driven by strong demand [1] - The IPO market valuation for Klarna is approximately $14 billion, significantly lower than Affirm's market cap of over $28 billion [1] Group 2: Financial Performance Comparison - In the most recent quarter, Klarna's revenue grew by 21% year-over-year to $823 million, representing less than 3% of its $31.2 billion total merchandise volume [2] - Affirm's revenue increased by 33% to $876 million, accounting for 8% of its $10.4 billion merchandise volume [2] - Despite similar revenue figures, Affirm's stock has risen over 40% this year, indicating stronger growth and profitability [2] Group 3: Business Model Differences - Klarna focuses on small, short-term loans, allowing consumers to pay within 30 days, while Affirm offers long-term, interest-free loans linked to larger purchases [3] - The average order value for Klarna is $101, compared to Affirm's $276 [3] - Klarna claims a more diversified and sustainable revenue model compared to competitors like Affirm and PayPal [3] Group 4: Market Position and Growth Potential - Klarna has achieved a leading position in the "buy now, pay later" market, which is estimated to be worth around $1 trillion [4] - The company has seen its monthly active users more than double year-over-year, outpacing Affirm's 27% growth [4] - Bloomberg Intelligence estimates Klarna's valuation between $12 billion and $16 billion based on projected growth [4] Group 5: Market Outlook and Future Implications - The IPO is part of a broader fintech IPO trend, with expectations that a Federal Reserve rate cut will lower financing costs and boost business volume [5] - Klarna's IPO could set a benchmark for other European fintech companies considering U.S. listings, such as Revolut and Monzo [5] - The success of Klarna's IPO may stimulate further financing activities in the fintech sector, while weak demand could delay other cautious listing plans [5]