Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

<ul>
<li>Klarna Group plc, a first mover in the BNPL space and AI-powered fintech company, is targeting an IPO valuation of between $13B and $14B, according to Reuters.</li>
<li>A Swedish founder-led decacorn is preparing for a roadshow after Labor Day this week. They intend to raise up to ~$1B and start trading in September.</li>
<li>$13B-$14B IPO valuation is cheap vs. peers and implies ~68% discount to Affirm. Klarna’s last down round was a $800M venture round in July of 2022 at a ~$6.7B valuation.</li>
</ul>


Klarna Group plc, a first mover in the BNPL space and AI-powered fintech company, is targeting an IPO valuation of between $13B and $14B, according to Reuters.
A Swedish founder-led decacorn is preparing for a roadshow after Labor Day this week. They intend to raise up to ~$1B and start trading in September.
$13B-$14B IPO valuation is cheap vs. peers and implies ~68% discount to Affirm. Klarna’s last down round was a $800M venture round in July of 2022 at a ~$6.7B valuation.


Klarna IPO Valuation Update: $13B-$14B IPO Valuation Is Cheap Vs. Peers, ~68% Discount To Affirm

Quantitative Equity Analyst, DMA

Charlotte van Tiddens, CFA

Quantitative Equity Analyst

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Index Rebalance

<ul><li>Last night, the price snapshot was taken for the JSE September 2025 rebalance.</li><li>GLN is expected to enter the Top 40 index, with APN falling out.</li><li>No changes are expected for the FINDI, FINI, INDI or RESI indices.</li></ul>

Last night, the price snapshot was taken for the JSE September 2025 rebalance.GLN is expected to enter the Top 40 index, with APN falling out.No changes are expected for the FINDI, FINI, INDI or RESI indices.

JSE Sep ‘25 Rebalance: GLN Expected to Enter Top 40, APN to Fall Out

<ul>
<li>Klarna Group, a founder-led BNPL giant and leading fintech company, will try to make another one IPO push in the second half of the year.</li>
<li>With the most recent F-1/A, the company reported worse-than-expected 1Q25 results, including total revenue of $701M (+9% YoY) and operating loss of $90M, up ~221% YoY.</li>
<li>Klarna Group 1Q net loss nearly tripled to ~$101M on mid-single-digit GMV growth, weaker-than-expected interest income and high SBC expense (~8% of revenues).</li>
</ul>


Klarna Group, a founder-led BNPL giant and leading fintech company, will try to make another one IPO push in the second half of the year.
With the most recent F-1/A, the company reported worse-than-expected 1Q25 results, including total revenue of $701M (+9% YoY) and operating loss of $90M, up ~221% YoY.
Klarna Group 1Q net loss nearly tripled to ~$101M on mid-single-digit GMV growth, weaker-than-expected interest income and high SBC expense (~8% of revenues).


Klarna IPO Update: Earnings Recap/Estimate Changes, 1Q25 Net Loss Widened to ~$101M

<ul>
<li>Klarna, a leading BNPL player in Europe, will try to push ahead with IPO in the second half of the year. The fintech unicorn plans to raise up to ~$1B.</li>
<li>Klarna picked a not great time to take the company public, keeping in mind negative impact of Trump’s tariffs on BNPL players in the U.S. and European Union.</li>
<li>I believe the company may price its IPO above last round valuation of ~$6.7B led by Sequoia Capital, Silver Lake, CPPIB, and Mubadala Investment Company, among others.</li>
</ul>


Klarna, a leading BNPL player in Europe, will try to push ahead with IPO in the second half of the year. The fintech unicorn plans to raise up to ~$1B.
Klarna picked a not great time to take the company public, keeping in mind negative impact of Trump’s tariffs on BNPL players in the U.S. and European Union.
I believe the company may price its IPO above last round valuation of ~$6.7B led by Sequoia Capital, Silver Lake, CPPIB, and Mubadala Investment Company, among others.


Klarna IPO Valuation Analysis: Don’t Expect a Premium Multiple Relative to Affirm Holdings

<ul>
<li>Klarna Group, a Swedish fintech company and BNPL provider, filed for an IPO and submitted a registration statement F-1 form with the SEC.</li>
<li>The company believes that AI and product diversification will boost profitability in the coming years coupled with aggressive cost-cutting and better underwriting process.</li>
<li>However, Klarna delayed its planned IPO due to extreme volatility and Trump’s tariffs, which are a headwind for BNPL players, including Affirm and Klarna.</li>
</ul>


Klarna Group, a Swedish fintech company and BNPL provider, filed for an IPO and submitted a registration statement F-1 form with the SEC.
The company believes that AI and product diversification will boost profitability in the coming years coupled with aggressive cost-cutting and better underwriting process.
However, Klarna delayed its planned IPO due to extreme volatility and Trump’s tariffs, which are a headwind for BNPL players, including Affirm and Klarna.


Klarna IPO Preview: The Dominant BNPL Player in Europe, Trump’s Tariffs Are a Headwind

United States

Affirm Holdings, Inc. is a financial technology company. The Company builds platform for digital and mobile-first commerce. Affirm Holdings offers financial services tool that allows consumers to purchase goods and services. Affirm Holdings serves customers worldwide.

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Affirm Holdings (AFRM US)

Klarna IPO Valuation Update: $13B-$14B IPO Valuation Is Cheap Vs. Peers, ~68% Discount To Affirm

Klarna Group plc, a leading EU BNPL fintech, targets $13B-14B IPO valuation, aiming to raise up to $1B and start trading in September under the...

Andrei Zakharov

JSE Sep ‘25 Rebalance: GLN Expected to Enter Top 40, APN to Fall Out

M. Aug ‘25 Rebalance: SSW to enter SA, ACWI / APN, KIO & WHL exiting. Last night, the price snapshot was taken for the JSE September 2025 rebalance.

DMA

Klarna IPO Update: Earnings Recap/Estimate Changes, 1Q25 Net Loss Widened to ~$101M

Founder-led BNPL giant Klarna Group plans another IPO push in H2 2025 despite worse-than-expected 1Q25 results, including a widened net loss of...

Andrei Zakharov

Klarna IPO Valuation Analysis: Don’t Expect a Premium Multiple Relative to Affirm Holdings

Klarna plans to move forward with IPO despite potential challenges from Trump's tariffs, aiming to raise up to ~$1B and possibly price the...

Andrei Zakharov

Klarna IPO Preview: The Dominant BNPL Player in Europe, Trump’s Tariffs Are a Headwind

Klarna, a Swedish fintech player and the dominant BNPL player in Europe, plans to raise up to $1B in US IPO. I’m cautious about buying into...

Andrei Zakharov

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Klarna IPO Valuation Update: $13B-$14B IPO Valuation Is Cheap Vs. Peers, ~68% Discount To Affirm

​Klarna Group plc, a leading EU BNPL fintech, targets $13B-14B IPO valuation, aiming to raise up to $1B and start trading in September under the...

Andrei Zakharov

JSE Sep ‘25 Rebalance: GLN Expected to Enter Top 40, APN to Fall Out

M. Aug ‘25 Rebalance: SSW to enter SA, ACWI / APN, KIO & WHL exiting. Last night, the price snapshot was taken for the JSE September 2025 rebalance.

DMA

Klarna IPO Update: Earnings Recap/Estimate Changes, 1Q25 Net Loss Widened to ~$101M

​Founder-led BNPL giant Klarna Group plans another IPO push in H2 2025 despite worse-than-expected 1Q25 results, including a widened net loss of...

Andrei Zakharov

Klarna IPO Valuation Analysis: Don’t Expect a Premium Multiple Relative to Affirm Holdings

​Klarna plans to move forward with IPO despite potential challenges from Trump's tariffs, aiming to raise up to ~$1B and possibly price the...

Andrei Zakharov

Klarna IPO Preview: The Dominant BNPL Player in Europe, Trump’s Tariffs Are a Headwind

Klarna, a Swedish fintech player and the dominant BNPL player in Europe, plans to raise up to $1B in US IPO. I’m cautious about buying into...

Andrei Zakharov

Klarna Group plc, a leading EU BNPL fintech, targets $13B-14B IPO valuation, aiming to raise up to $1B and start trading in September under the...

Founder-led BNPL giant Klarna Group plans another IPO push in H2 2025 despite worse-than-expected 1Q25 results, including a widened net loss of...

Klarna plans to move forward with IPO despite potential challenges from Trump's tariffs, aiming to raise up to ~$1B and possibly price the...