Core Viewpoint - Klarna is attempting to re-launch its IPO with a targeted valuation of $13-$14 billion, down from a previous expectation of $15 billion, but the stock is deemed unattractive for investors [3][5][38] Company Overview - Klarna provides buy now, pay later (BNPL) loans to consumers, experiencing strong revenue growth but facing challenges in profitability and competition [4][5] - The company grew its revenue by 22% compounded annually from 2022 to 2024, with a 24% year-over-year growth in 2024 and a 15% year-over-year growth in the first half of 2025 [7] Financial Performance - Despite revenue growth, Klarna's Core Earnings are declining, with a loss of -$132 million in the first half of 2025, following a previous loss of -$43 million in 2024 [7][10] - Total expenses as a percentage of revenue were 151% in 2022, decreasing to 104% in 2024, but rising again to 109% in the first half of 2025 [9] Market Trends - The BNPL industry is growing, with Klarna identifying a serviceable addressable market of $500 billion based on consumer retail and travel spending [11] - The company has the highest gross merchandise volume (GMV) among its BNPL peers, generating $112 billion in GMV compared to Affirm's $34 billion and Afterpay's $8.2 billion [13] Competitive Landscape - Klarna faces significant competition from both pure-play BNPL firms and traditional banking institutions offering similar services [19][20] - The company has the second lowest NOPAT margin and return on invested capital among its main competitors, indicating a competitive disadvantage [20][22] Valuation Concerns - The projected IPO valuation of $13.5 billion implies unrealistic growth expectations, requiring Klarna to achieve a 24% compounded annual growth rate and improve margins significantly [39][41] - Various scenarios suggest substantial downside risks to the stock, with potential valuations ranging from $6.2 billion to $10 billion based on different growth and margin improvement assumptions [42][44] Governance and Regulatory Issues - Klarna's dual-class share structure limits voting power for new investors, concentrating control with existing shareholders [32][33] - As a foreign private issuer, Klarna is exempt from certain U.S. regulatory requirements, which may reduce investor protections [34][35]

Company IPO - Fintech 公司 Klarna 及其支持者正通过首次公开募股筹集高达 12.7 亿美元 [1] - Klarna 正在重新尝试在纽约上市 [1]

Core Insights - Klarna is undergoing significant workforce changes, with employees being reassigned to customer support roles as the company prepares for its IPO, aiming to raise up to $1.27 billion [2][3] - The CEO acknowledged that previous AI-driven cost-cutting measures were excessive, leading to a reassessment of the company's reliance on AI for operational efficiency [3][9][10] Group 1: Workforce Changes - Employees in various departments, including engineering and marketing, have been informed that their roles are no longer needed and are being redirected to customer support positions [2][5] - The company has created a "talent pool" for employees whose roles have been eliminated, allowing them to remain on payroll while awaiting reassignment [6] - Some employees in senior positions have been reassigned to the customer success team, indicating a shift in focus towards human support [6] Group 2: AI and Operational Strategy - Klarna has eliminated over 1,200 external SaaS tools and restructured teams as part of its AI integration strategy [3] - The company previously claimed that its AI assistant could perform the work of 700 customer support agents, reflecting a strong push towards automation [9] - However, the CEO has recognized that overreliance on AI can degrade customer experience, emphasizing the need for quality human support [10][11] Group 3: Customer Experience Initiatives - Klarna introduced "Action Day" sessions to analyze customer purchasing behavior and identify barriers to transaction completion [7][8] - These sessions were initially full-day events but were scaled back due to concerns about time management among employees [8] - The company is exploring a gig work model for customer service agents, indicating a potential shift in staffing strategy [9]

Company Overview - Cryptocurrency exchange Gemini aims to raise up to $316.7 million in its upcoming initial public offering (IPO) [1] - The company, led by billionaire Winklevoss twins, plans to market 16.7 million shares priced between $17 to $19 each, resulting in a market value of over $2.2 billion based on 116.7 million outstanding shares [2] Industry Context - Gemini's IPO is part of a trend of increasing listings by cryptocurrency companies as the industry moves into the mainstream, with several recent successful listings [3] - Notable examples include Bullish, which saw an 83% increase upon listing, and Circle, whose stock jumped 168% on its first day [3] Financial Performance - In its SEC filing, Gemini reported net losses of $282.5 million and revenues of $67.9 million for the first half of 2025, compared to a net loss of $41.1 million and revenues of $73.5 million during the same period last year [4] Market Activity - The second week of September is anticipated to be one of the busiest for IPOs in four years, with other companies like Klarna also announcing their IPOs [5] - Investment banks Evercore and Stifel Financial expect an increase in IPO activity in the second half of the year, driven by reduced volatility and regulatory easing [6]

格隆汇9月2日｜瑞典金融科技公司Klarna重启美国IPO，计划以35美元至37美元之间的价格发行3430万 股股票，筹集高达12.7亿美元的资金，估值将高达140亿美元。公司多年来一直考虑在纽约上市，但由 于美国总统特朗普宣布对主要贸易伙伴征收全面关税，全球市场动荡，公司于4月暂停上市计划。 ...

Swedish buy-now, pay-later (BNPL) startup Klarna and its shareholders are reviving its initial public offering, hoping to raise as much as $1.27 billion in a listing that would value the company at up to $14 billion. https://t.co/MNEg6t7gA4 ...

Core Viewpoint - Klarna, a Swedish buy-now, pay-later startup, is reviving its initial public offering (IPO) with the aim of raising up to $1.27 billion, which would value the company at up to $14 billion [1][2]. Group 1: IPO Details - The company and its shareholders are selling approximately 34.3 million shares priced between $35 and $37 each, with Klarna receiving proceeds from about 5.6 million shares [2]. - The shares are planned to be listed on the New York Stock Exchange under the ticker "KLAR" [2]. Group 2: Company Performance - Klarna's revenue increased by 54% to $823 million in the second quarter compared to the previous year, driven by a 14% rise in gross merchandise value to $6.9 billion [4]. - Despite the revenue growth, the company reported a net loss of $53 million, which is 42% less than the net loss of $92 million from a year earlier [4]. Group 3: Market Context - Klarna's IPO plans were delayed due to market conditions, with its valuation dropping from over $45 billion in 2021 to $6.5 billion following the venture capital valuation bubble burst [3]. - The company has been expected to go public due to the success of its BNPL lending model, particularly after the post-pandemic boom [3]. Group 4: Underwriters - The offering is being managed by Goldman Sachs, JP Morgan, and Morgan Stanley, with additional support from BoFA Securities, Citigroup, Deutsche Bank, Societe Generale, UBS, and several other banks [5].

Klarna and its backers are aiming to raise as much as $1.27 billion in a US IPO https://t.co/aVOGAzmepK ...

Core Viewpoint - Klarna, the Swedish fintech giant, plans to restart its IPO in the US with a target valuation of around $13 billion, significantly lower than its previous valuation of several tens of billions [1][10] Company Overview - Klarna was founded in 2005 in Stockholm, Sweden, by Sebastian Siemiatkowski, Victor Jacobsson, and Niklas Adalberth, initially focusing on providing guaranteed payment services for online transactions [2] - The company has evolved into a comprehensive fintech platform offering payment solutions, consumer credit, and shopping services, with its core competitive advantage being the "Buy Now, Pay Later" (BNPL) payment scheme [2] Financial Performance - Klarna's revenue has shown steady growth over the past three years, with revenues of $1.904 billion, $2.276 billion, and $2.811 billion for 2022, 2023, and 2024 respectively [4] - The company has also improved its profitability, with operating losses decreasing from $980 million in 2022 to $121 million in 2024, and net losses narrowing from $1.035 billion to a profit of $21 million in the same period [4] Cost Management and AI Integration - The introduction of an AI assistant powered by OpenAI is expected to help Klarna achieve profitability by 2024, saving approximately $39 million in costs [5] - Marketing costs have also decreased significantly, from $531 million in 2022 to $328 million in 2024, while expanding its business scale and customer base [5] Valuation Fluctuations - Klarna's valuation has experienced significant volatility, peaking at $45.6 billion in June 2021 after raising $639 million from SoftBank's Vision Fund [8] - The company faced challenges due to aggressive market strategies, rising costs, and increased competition from major players like PayPal and Apple, leading to a drastic valuation drop to $6.7 billion in 2022 [9] Upcoming IPO Details - Klarna's IPO is set to determine its share price this week, with a price range of $34 to $36 per share, resulting in a valuation between $12.6 billion and $13.3 billion [10]

Group 1 - The US IPO market is expected to rebound in 2025, with 40-60 large IPOs anticipated, bringing the total to 190 and raising $35 billion [1] - Key sectors for potential IPOs include technology, fintech, and consumer goods, with Klarna and StubHub leading the way [1] - The list of companies to watch for potential IPOs in Q4 includes Avalara, Wealthfront, and Grayscale [1] - The momentum of the IPO rebound is expected to continue into 2026, with tech leaders like Databricks, Canva, and Proofpoint poised for recovery [1] Group 2 - As autumn approaches, trading activity is expected to reach its fastest pace since 2021, driven by a surge in IPO enthusiasm [2] - In August, 29 new IPO applications were submitted, with 10 seeking at least $50 million, double the number from the previous year [2] - A total of 113 US IPO companies submitted new or updated public applications in the past three months, with 15 seeking at least $50 million [2] - The thriving SPAC market is providing an alternative route for companies to go public [2] Group 3 - Technology IPOs are returning to the market at an encouraging pace, although overall activity remains below 2021 levels [4] - The pricing of tech IPOs this year has exceeded last year's levels, with many large transactions yielding substantial returns [4] - Retail investor enthusiasm for technology, fintech, cryptocurrency, and AI is driving this IPO rebound [4] Group 4 - Klarna, a leading IPO candidate, plans to raise $1 billion in its upcoming IPO, making it one of the largest IPOs of the year [5] - Other notable companies that submitted IPO applications in August include Netskope, Via Transportation, Figure, Pattern, and Gemini [5] Group 5 - Klarna offers "buy now, pay later" loans and has approximately 111 million active customers and 790,000 merchants across 26 countries as of June 2025 [7] - Klarna facilitated a total merchandise volume (GMV) of $112 billion in the 12 months ending June 30, 2025 [7]