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.

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