Klarna Group completed its initial public offering on the New York Stock Exchange on September 10, 2025, listing under the ticker KLAR at 40 dollars per share. The offering raised approximately 1.37 billion dollars, making it the largest IPO of 2025 according to Renaissance Capital.
The company priced 34,311,274 total ordinary shares (5 million sold by Klarna directly and 29.3 million sold by existing shareholders), with an over-allotment option of up to 5.1 million additional shares. The pricing represented a 4 dollar increase from the midpoint of the preliminary range, reflecting strong institutional demand. Goldman Sachs, J.P. Morgan, and Morgan Stanley served as joint book-running managers.
Klarna shares opened at 52 dollars on the first trading day, closing at 45.82 dollars for a 15 percent gain from the IPO price. The listing valued the Swedish fintech at over 14 billion dollars, a significant recovery from the company’s 6.7 billion dollar valuation in a 2022 down round but still below its 2021 peak of 45.6 billion dollars.
The IPO followed a period of operational transformation. Klarna reported its first billion-dollar revenue quarter in Q4 2025 (1.082 billion dollars, up 38 percent year-over-year), with U.S. revenue growing 58 percent. The company now serves 111 million active consumers across 26 countries with 790,000 merchant partners. Banking consumers using Klarna’s financial services beyond payments grew 101 percent year-over-year to 15.8 million users, generating 107 dollars in revenue per user.
Klarna’s listing validates the BNPL business model’s transition from growth-at-all-costs to sustainable economics, a trajectory relevant to the broader embedded finance category. Coverage of how UK regulators are bringing BNPL under oversight provides context for the regulatory environment Klarna now operates within as a public company.
