Swedish firm Klarna is aiming for a US$14 billion (A$21.37 billion) valuation on its long-awaited United States public listing.
The company plans to offer 34,311,274 ordinary shares priced between US$35 and $37 each in a bid to raise up to $1.27 billion.
Klarna will offer 5.56 million of those shares, while the remaining roughly 28.8 million will be put forward by existing shareholders who are selling their stock.
The company will list shares on the New York Stock Exchange under the symbol “KLAR”.
The Swedish fintech company drew investor attention as its valuations rose $5.5 billion to $45 billion in just two years, thanks to three funding rounds between mid-2020 and 2021. This has since dropped 85% to $6.7 billion in 2022, with the company blaming macroeconomic conditions linked to Russia’s invasion of Ukraine for the slump.
Klarna was founded in 2005 and is best known for its buy now, pay later model, which allows consumers to split purchases into instalments and has looked to expand into products like debit cards and deposit accounts.
Revenue for the company rose 20% year-on-year to $823 million during the June quarter. However, Klarna also posted a net loss of $53 million, increasing from the same period last year.
The company was supposed to go public earlier this year, but was delayed due to U.S. President Donald Trump’s April announcement of reciprocal tariffs.
Klarna has around 111 million monthly consumers and 790,000 merchants in 26 countries as of 30 June and has partnered with large fast-fashion brands like Zara and H&M.
