Today, one of the most closely watched fintech initial public offerings of the year takes place. Shares of the buy now, pay later (BNPL) juggernaut Klarna Group make their stock market debut. Here’s everything you need to know about Klarna’s IPO.
What is Klarna?
Klarna Group is a Swedish fintech company founded in 2005. It’s headquartered in Stockholm.
Klarna is one of the largest players in the buy now, pay later (BNPL) space, which has revolutionized the consumer financial landscape over the past few years.
BNPL allows consumers to buy items—everything from computers to burritos—in installments, instead of paying a single total fee upfront. The installments are repaid over a period of weeks or months and are interest-free, provided payments are made on time.
But while BNPL services allow consumers to fund purchases they may not otherwise be able to afford upfront, the financing option has been met with much criticism, one of the biggest ones being that BNPL can be a debt trap to consumers, particularly younger Gen Z ones who don’t have a lot of experience in financial planning or literacy.
Klarna by the numbers
According to Klarna’s Form F-1 filing with the U.S. Securities and Exchange Commission (SEC), the company’s key metrics include:
- Gross merchandise volume (GMV) of $105 billion in 2024 (up from a GVM of $53 billion in 2020).
- Operations in 26 global markets.
- 93 million active consumers.
- A network of 675,000 merchants.
- $2.8 billion in total revenue in 2024 (up from $2.2 billion in total revenue in 2023).
- Net profit of $21 million in 2024 (up from a net loss of $244 million in 2023).
When is Klarna’s IPO?
Klarna’s IPO has been a long time coming. The company announced its intention to make its stock market debut in March of this year. But shortly after, President Trump’s Liberation Day tariffs wreaked havoc on markets, causing Klarna to postpone its public offering plans.
But earlier this month, Klarna began announcing details of its postponed IPO, suggesting a date was near. Klarna priced its shares on Tuesday and is expected to list today: Wednesday, September 10.
What is Klarna’s stock ticker?
Klarna’s shares will trade under the ticker “KLAR.”
What exhcnage will Klarna trade on?
Klarna shares will trade on the New York Stock Exchange (NYSE).
What is the IPO share price of KLAR?
Klarna’s shares were priced at $40 each. That’s well above a target price range of between $35 and $37 that the company originally forecast.
How many KLAR shares are available in its IPO?
In total, there are 34,311,274 ordinary shares of KLAR available in the IPO. However, a majority of those shares are not being offered by the company itself.
As a matter of fact, just 5 million ordinary shares are being sold by Klarna. The remaining 29.3 million shares are being sold by some of the company’s existing shareholders.
How much will Klarna raise in its IPO?
Klarna’s IPO raised $1.37 billion, according to Reuters. However, Klarna itself will not benefit from that total sum as the company’s existing private shareholders sold a majority of the shares on offer.
As Klarna stated in a press release, “Klarna will not receive any proceeds from the sale of ordinary shares by the selling shareholders.”
How much is Klarna worth?
Klarna is now worth around $15.11 billion after its IPO price of $40 per share, according to Reuters. While that valuation is nothing to sneeze at, it is still well below Klarna’s estimated valuation of more than $45 billion back in 2021.
Niklas Kammer, an analyst for Morningstar, sees a 12.5% upside to Klarna’s IPO price, according to a recent note.
“We believe the offer price of USD 40 per share undervalues the substantial growth we expect these agreements to drive,” Kammer wrote, citing agreements with payment service providers that will expand Klarna’s reach. “Growth is what it is all about for Klarna. While its platform is currently just breaking even, starting to eke out a marginal operating profit, the company is poised for a big shift.”
Klarna is the latest high-profile tech IPO in 2025
While Klarna’s stock market debut will no doubt be closely watched by industry insiders and investors today, the tech company is by no means the only high-profile one to go public this year.
Other major tech IPOs in 2025 have included Chime, Circle, Figma, eToro, and Bullish.
In fact, Klarna isn’t even the only tech-focused company going public this week; others include Via Transportation, Legence Corp, and Gemini Space Station.
Yet despite the relative success that some tech IPOs have enjoyed this year, the global tech IPO scene in 2025 is currently a far cry from the busy landscape a few years ago.
Recent data from CB Insights shows that in the second quarter of 2025, global tech IPOs generated $6.3 billion in proceeds. But that pales in comparison to the $34.9 billion that tech IPOs generated in the same quarter of 2021. That also happens to be the same time that Klarna had its sky-high valuation of over $45 billion—three times higher than now.
Disclosure: Fast Company is owned by Morningstar founder Joe Mansueto.
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