Swedish payments firm Klarna has filed for an initial public offering in the US, ending months of speculation that the company was readying a stock market listing.
Klarna confidentially submitted a draft registration statement to the Securities and Exchange Commission (SEC) regarding the IPO, it said in a statement. The number of shares to be offered and the price range have not yet been determined.
While no financial details were provided in the statement, analysts last month put Klarnaâs implied valuation at about $14.6 billion after shareholder Chrysalis Investments Ltd increased the value of its stake in the fintech to £120.6 million ($154 million).
That would mark an improvement from the $6.7 billion price tag it garnered in its last fundraising round in 2022, but itâs all a far cry from the $45.6 billion price tag Klarna got in a 2021 fundraising round. What was once of the worldâs most valuable startups saw its valuation plummet amid a tech rout sparked by the war in Ukraine and a sharp jump in interest rates.
The formal start of listing proceedings has come despite turbulence in the companyâs board room. In October, Klarna shareholders voted to oust a member of the companyâs board of directors â Mikael Walther â after he and co-founder Victor Jacobsson repeatedly clashed with Chairman Mike Moritz and Chief Executive Officer Sebastian Siemiatkowski.
Klarna said in the statement that its public debut is expected to take place after the SEC completes its review process, subject to market and other conditions.
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