Buy Now, Pay Later Firm Klarna Files US IPO Prospectus

Fintech firm Klarna Group has filed its prospectus for a U.S. initial public offering (IPO), moving ahead with plans to list even as recession fears rattle the stock market.

The Buy Now, Pay Later (BNPL) company on Friday filed a registration statement with the U.S. Securities and Exchange Commission (SEC). The company, founded in Sweden and redomiciled to the U.K. last year, applied to list on the New York Stock Exchange (NYSE) under the symbol “KLAR.” The company hasn’t yet decided on the number of shares or a price range for the offering. 

Last November, Klarna started the IPO process with the SEC via a confidential filing, which lets companies shield information from the public until they’re closer to joining an exchange. Klarna said it was valued at $6.7 billion in July 2022, down sharply from $45.6 billion barely a year earlier. Its major BNPL competitors include Affirm (AFRM), Block’s (XYZ) Afterpay, and PayPal (PYPL).

Earlier this month, Bloomberg reported that Klarna was targeting a valuation of more than $15 billion in its New York listing.