(Bloomberg) -- Klarna Bank AB is seeking to raise at least $1 billion in a US initial public offering and is set to file publicly as soon as next week, according to people familiar with the matter.
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The Stockholm-based payments business aims to price the IPO in early April, the people said, asking not to be identified as the information isn’t public. Klarna is targeting a valuation of more than $15 billion in the New York Stock Exchange listing, the people said.
Deliberations are ongoing and details of the listing plan including timing could still change, the people said. A representative for the company declined to comment.
Klarna has confidentially filed for an IPO with the US Securities and Exchange Commission, according to a statement in November. The company is working on the listing with around 15 banks, led by Goldman Sachs Group Inc., JPMorgan Chase & Co. and Morgan Stanley, Bloomberg News has reported.
Sequoia Capital-backed Klarna’s listing is set to give a boost to technology IPOs, which have been in a relative slump after setting records for volume in 2021. Other fintech companies including Chime Financial Inc. and Zilch Technology Ltd. are considering potential first-time share sales this year.
Klarna has seen estimates of its valuation fluctuate wildly in recent years. The figure reached a high of $45.6 billion in a funding round in 2021, only to plunge to $6.7 billion in a round the following year. Analysts last year gave it an implied valuation of around $14.6 billion based on shareholder Chrysalis Investments Ltd.’s estimate of the worth of its stake.
Chief Executive Officer Sebastian Siemiatkowski said last month that the firm, known for its buy now, pay later offerings, is exploring an expansion into the cryptocurrency market. He posted “I give up” on social-media platform X on Feb. 8, saying Klarna “will embrace crypto.”
--With assistance from Pablo Mayo Cerqueiro and Swetha Gopinath.
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