Klarna’s IPO at the NYSE saw shares surge 30%, opening at $52. The Swedish online lender priced its IPO at $40, raising $1.37 billion and valuing the company at $15 billion. This signals strong demand for tech IPOs, like Circle and Figma, with Gemini set to go public soon.

Klarna CEO Sebastian Siemiatkowski views the IPO as a milestone, comparing it to a wedding. The company’s move into banking includes a debit card and personal deposit accounts in the U.S. Klarna Card has attracted 700,000 customers and has a waiting list of 5 million.

Klarna faces competition from Affirm and Afterpay, acquired by Square in 2021 for $29 billion. Regulatory challenges loom, with the U.K. proposing oversight for BNPL loans. The IPO is set to generate significant returns for long-time investors like Sequoia, which has seen a return of $2.65 billion.

SoftBank, a major Klarna investor, has seen the value of its stake plummet since leading a 2021 funding round at a $46 billion valuation. Despite challenges, Klarna’s entry into the public market tests Wall Street’s confidence in its future direction and growth.

Read more at CNBC

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