Klarna Group plc (KLAR), the pioneer in the “Buy Now, Pay Later” space, priced its long-awaited IPO at $40.00 – $3.00 above the top of its range – and sold 34.31 million shares to raise $1.37 billion on Tuesday night, Sept. 9, 2025. At pricing, Klarna had a market cap of about $15.1 billion. Klarna’s IPO price of $40.00 vaulted it above the top of its $35.00-to-$37.00 price range and reflected strong demand for the deal, which had spent years near the top of the IPO market’s “Most Wanted” list.
Fast forward to early Wednesday afternoon (Sept. 10,2025) when Klarna’s stock jumped in its debut on the New York Stock Exchange: Klarna opened at $52.00 – up $12.00 for a 30 percent gain right off the bat. Klarna was last trading at about $47.58 at around 1:30 p.m. EDT on NYSE volume of about 19.9 million shares. (Editor’s Note: This column, published Tuesday night, was updated early Wednesday afternoon, Sept. 10, 2025, with news of Klarna’s debut on the NYSE.)
At the closing bell, Klarna was at $45.82 – up $5.82 from its IPO price for a gain of 14.55 percent in its first day of NYSE trading.
Goldman Sachs, J.P. Morgan and Morgan Stanley were the lead joint book-running managers.
BofA Securities, Citigroup, Deutsche Bank Securities, Societe Generale and UBS Investment Bank rounded out the joint book-running team.
Founded in Sweden in 2005, Klarna pioneered the “Pay Later” space when online shopping was in its infancy. That “Pay Later” provision gave consumers the guarantee that they would pay only after they had received the merchandise, according to the prospectus.
In 2018, Klarna launched the Klarna card and the Klarna app (track all of your purchases and shipments in one place).
“In 2019, we strategically decided to expand our successful operating model into additional geographies, with a particular focus on the United States, and in the following three years expanded into 12 additional markets,” Klarna said in the prospectus.
As of June 30, 2025, Klarna served about 111 million “active Klarna consumers” and about 790,000 merchants in 26 countries.
Klarna was in the black for 2024: Klarna reported net income of $21 million on revenue of $2.81 billion for the year that ended Dec. 31, 2024, according to financial statements in the prospectus.
Klarna’s balance sheet slipped back into the red in 2025.
Financial Snapshot: Net loss of $162 million on revenue of $3.01 billion for the 12 months that ended June 30, 2025, according to financial statements in the prospectus.
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