Swedish Buy, Pay Later (BNPL) startup Kraruna and its shareholders are reviving their initial public offering and hoping to raise up to $1.27 billion on a company valuing list of up to $14 billion.
The company and some of its shareholders have sold approximately 34.3 million shares between $35 and $37, respectively, the company said in an update to its registration statement on Tuesday. Klarna receives revenues from around 5.6 million shares, with its shareholders offloading around 29 million shares.
The company plans to list its stocks on the New York Stock Exchange under the ticker “Klar.”
Klarna has been expected to be released for a long time thanks to the huge success of the BNPL lending model, six years after its US launch. The company was valued at over $45 billion in 2021. Bubble burst.
Still, Klarna is growing steadily. That revenue rose by $823 million, up 54% in the second quarter compared to the previous year. The company’s bottom line is still in red, with a net loss of $53 million, 42% less than the previous year’s net loss of $92 million.
It is offered by Goldman Sachs, JP Morgan and Morgan Stanley, and Bofa Securities, Citigroup, Deutsche Bank, Societe Generale, UBS and several other banks are also working on the deal.
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