Klarna’s roller-coaster IPO: from pop to pressure
Klarna’s roller-coaster IPO: from pop to pressure ClubRive …
Klarna’s roller-coaster IPO: from pop to pressure
TL;DR:
- Priced at $40 on September 9, 2025.
- Raised about $1.37B on the NYSE under KLAR.
- Stock opened at $52 and closed at $45.82 on day one.
- Fell below $40 on September 26 amid sector weakness.
- BNPL competition and rates are key pressure points.
Klarna priced its U.S. IPO at $40 on September 9, 2025, raising about $1.37 billion. Shares listed on the NYSE as KLAR. On September 10, the stock opened at $52, peaked near $57, and closed at $45.82. Two weeks later, on September 26, KLAR slipped to $39.94, below its offer price, as fintechs sold off.
Why it matters
The listing tested investor appetite for BNPL names after years of rate hikes and tighter underwriting. The day-one surge signaled demand for profitable fintech growth. The late-September dip shows how sensitive the group is to yields and credit concerns.
The drivers to watch
- Revenue mix and losses. Investors want a path to consistent profit as KLAR broadens into cards and shopping tools.
- Credit performance. Delinquencies and funding costs will guide margins.
- Competition. Affirm, PayPal, and card issuers pressure take rates.
- Rates cycle. Any bond selloff can weigh on BNPL valuations.
What’s next
Track the first quarterly report as a public company for updated guidance on take rates, marketing spend, and credit provisions. Price stabilization near or above $40 would rebuild confidence.
Sources:
- Reuters, “Klarna prices US IPO at $40 per share,” https://www.reuters.com/business/klarna-prices-us-ipo-40-per-share-valuing-it-151-billion-source-says-2025-09-09/ , 2025-09-09
- Reuters, “Klarna raises $1.37 billion in US IPO,” https://www.reuters.com/business/finance/klarna-raises-137-billion-us-ipo-boosting-fintech-hopefuls-2025-09-09/ , 2025-09-09
- AP News, “Klarna shares rise 15% in their first day of trading,” https://apnews.com/article/5d62ad1d9617d4bdc780b07eb3db482e , 2025-09-10
- Bloomberg, “Klarna slump drives stock below IPO price,” https://www.bloomberg.com/news/articles/2025-09-26/klarna-klar-slump-drives-stock-below-ipo-price-amid-fintech-selloff , 2025-09-26
