美国IPO市场正在发生一场静悄悄的变革。越来越多的公司开始向散户投资者分配更大比例的IPO份 额，以稳定股价波动并最大化融资效果。 9月12日，据华尔街日报消息，周五（9月12日）上市的加密货币平台Gemini Space Station为散户投资者 预留了近30%的IPO份额，远超传统的6%配比。该股首日收涨14%至32美元，公司市值约38亿美元。 "欧洲花呗"、先买后付公司Klarna周三上市时也向散户投资者配售了超过10%的股份，首日涨幅控制在 15%左右，符合承销商的目标区间，公司估值约160亿美元。 分析指出，这一趋势背后是对IPO定价策略的重新思考。今年多家大型IPO首日暴涨，虽然看似利好， 但实际意味着公司和早期投资者错失了数十亿美元的融资机会，华尔街的银行家们正试图通过增加散户 配比来缓解这一问题。 散户配售比例大幅提升 如果股票在上市后几周内涨幅达到一倍或两倍，这些基金可能会选择获利了结，这样精心的投资者筛选 就失去了意义。 传统IPO中，机构投资者通常获得绝大部分股票配额，散户投资者仅能分到约6%的份额。但本周多起重 要IPO都大幅超越了这一比例。 Gemini计划向散户投资者配售高达30 ...

Core Insights - Klarna Group Plc is pricing its IPO at $40 per share, implying a market capitalization of $15.1 billion, which is expected to yield significant returns for its major investor, Sequoia Capital [1][2] - Sequoia Capital's total investment in Klarna is approximately $500 million, and the value of its shares at the IPO pricing is around $3.2 billion, indicating a potential return of over six times the original investment [1][2] - Klarna's valuation has fluctuated dramatically, peaking at $45.6 billion in 2021 and dropping to about $6.7 billion in 2022 due to market volatility [2] Company Overview - Klarna Group, founded in 2005 in Stockholm, Sweden, specializes in "buy now, pay later" (BNPL) services, offering payment solutions for both consumers and merchants [4] - The company provides various BNPL options, including "Pay in 4" and "Pay in 30 days," and integrates features like price comparison and cashback within its app [4] - Klarna serves over a hundred thousand merchants and has accumulated around 111 million users globally, positioning itself as a significant player in the BNPL sector [4] Market Context - The IPO market is experiencing a resurgence, with Klarna being one of the notable IPOs this year, following other significant listings in the tech and cryptocurrency sectors [2] - Investor enthusiasm for new IPOs has led to Klarna's stock being priced above its marketing range, reflecting a broader recovery in the U.S. IPO market [2]

Core Viewpoint - Klarna Group Plc is set to go public with an IPO priced at $40 per share, reflecting an implied market capitalization of $15.1 billion, which is expected to yield significant returns for its major investor, Sequoia Capital [1][2] Company Overview - Klarna Group, founded in 2005 and headquartered in Stockholm, Sweden, specializes in "buy now, pay later" (BNPL) services, offering online and offline payment solutions to consumers and merchants [4] - The company has over 100 million users globally and serves tens of thousands of merchants, positioning itself as a key player in the BNPL sector [4] Financial Performance and Valuation - At its peak in 2021, Klarna's valuation reached $45.6 billion following a $639 million investment led by SoftBank Group, but it plummeted to approximately $6.7 billion by 2022 due to market volatility [2] - Sequoia Capital's investment of around $500 million in Klarna is now valued at approximately $3.2 billion, indicating a potential return of over six times the original investment [1][2] Market Context - The IPO market is experiencing a resurgence, particularly in the U.S., with Klarna's IPO being one of the significant offerings this year, following other notable IPOs in the tech sector [2] - Klarna's main competitor, Affirm Holdings Inc., has seen its stock price increase by over 40% this year, highlighting the competitive landscape in the fintech sector [2] Corporate Governance - Klarna faced a notable boardroom conflict involving Sequoia's leadership, which included attempts to remove a long-time board member, Michael Moritz, who has been a strong supporter of the company [3]

Core Viewpoint - UBS maintains a "neutral" rating on Affirm Holdings, citing strong performance in key metrics such as Gross Merchandise Volume (GMV) and Revenue as a Percentage of GMV (RLTC), despite potential risks [1][4] Group 1: Financial Performance - Affirm's GMV is expected to grow over 26% in fiscal year 2026, a significant recovery from a decline of 38% in fiscal year 2025 [1] - The company's RLTC and adjusted operating income exceeded market expectations, indicating robust business performance [1] - The quarter saw a 93% year-over-year increase in 0% interest loans, driven by higher conversion rates observed by merchants [1] Group 2: Partnerships and Market Position - The top five merchant/platform partners contributed approximately 46% of GMV, with this segment growing by 41% year-over-year [1] - Affirm maintains strong partnerships with major e-commerce platforms and retailers, enhancing its market position [3] - The company is well-positioned in the Buy Now Pay Later (BNPL) sector due to its diversified and flexible business model [3] Group 3: Future Outlook - The company anticipates a 12% slowdown in GMV growth guidance due to the termination of a partnership with a major client, which contributed about 5% of total GMV in the second half of 2024 [2] - Excluding the impact of this client loss, the slowdown in growth guidance would narrow to approximately 8% [2] - Affirm's RLTC is expected to remain around 4% in fiscal year 2026, supported by favorable credit loss provisions and funding costs [2] Group 4: Risks and Challenges - The company faces concentration risk, with Amazon and Shopify accounting for over 35% of GMV [4] - Competition from larger BNPL service providers poses a threat to Affirm's market share [4] - High consumer credit risk exposure and elevated valuation levels necessitate sustained compound growth to support current valuation [4]