Swedish payment company Klarna Group Plc has announced its plans to go public in the United States, filing for an initial public offering (IPO). The filing was made confidentially with the U.S. Securities and Exchange Commission (SEC). Details regarding the number of shares to be issued and the price range remain undisclosed.
Though financial specifics were not provided, analysts recently valued Klarna at approximately $14.6 billion. This valuation came after shareholder Chrysalis Investments Ltd increased its stake in the fintech company to 120.6 million pounds (about $154 million). This marks a significant rise from Klarna's $6.7 billion valuation in its 2022 funding round, yet it remains considerably lower than the $45.6 billion valuation achieved in 2021.
Despite internal board turmoil, the IPO process is officially underway. In October last year, Klarna's shareholders voted to oust board member Michael Wolter due to repeated conflicts with Chairman Mike Moritz and CEO Sebastian Siemiatkowski, involving co-founder Victor Jacobsson.
Klarna expects to go public once the SEC's review process is completed, although the timing will depend on market conditions and other factors.
