Klarna has set a price range of $35–$37 a share for its New York Stock Exchange debut under the ticker KLAR, launching an offering of 34.3 million ordinary shares in which the company will sell 5.56 million new shares and existing investors 28.76 million.
Underwriters also hold a 30-day option over 5.15 million additional shares supplied by selling holders. Klarna will not receive proceeds from these secondary sales.
Announced on September 2, at the indicated range, Klarna’s own gross raise would be about $194m–$206m, with the bulk of offering proceeds going to existing shareholders. Media reports place the prospective valuation around $12.8–$14bn, indicating a recovery from the firm’s 2022 down-round and a step down from its 2021 private-market peak.
The company’s Form F-1 sets out a familiar “general corporate purposes” use of funds for its primary slice, including working capital, operating expenses and potential acquisitions. The registration statement also confirms Klarna’s multi-class structure: Class B shares carry 10 votes per share but no economic rights and are non-transferable, while a Class C instrument may be issued to CEO Sebastian Siemiatkowski post-IPO, with mechanics that can take his voting power up to 15% of total votes under specified limits and redesignation triggers.
The issuer is Klarna Group plc, incorporated in England and Wales.
Operationally, the filing highlights Klarna’s banking model and funding profile. Customer deposits at Klarna Bank AB stood at $14.0bn at Jun3 30, 2025, with a reported liquidity coverage ratio of 1,035% and net stable funding ratio of 204%. Deposits are concentrated in Sweden, Germany and the Netherlands, with none in the US. The firm positions deposit funding as a stabiliser for its credit costs and expansion strategy.
Financially, Klarna posted a $21m net profit for 2024 on $2.81bn of revenue, but swung to a $152m net loss in the first half of 2025 despite continued top-line growth; Q2 2025 revenue was $823m, with provisioning and funding costs remaining significant line items. The company notes that US expansion has grown GMV but has weighed on profitability in recent periods.
Is the timing right?
Beyond valuation, the timing places Klarna against a shifting regulatory landscape for buy-now, pay-later.
In the UK, the government confirmed in May 2025 that it will legislate BNPL in 2026, with the FCA continuing oversight under existing powers in the interim. In the US, the CFPB’s 2024 interpretive rule brought BNPL under credit-card-like dispute and refund rules; a July 2025 status update indicated enforcement is not a near-term priority while the agency seeks further clarity.
Klarna’s syndicate is led by Goldman Sachs, J.P. Morgan and Morgan Stanley, with further banks joining as bookrunners and co-managers. The company’s registration statement remains filed but not yet effective with the SEC.
