Klarna debuts at the NYSE

Klarna’s long-awaited IPO launched in New York at $40 per share, raising $1.37B and valuing the fintech at $15B. Meanwhile, Verisure eyes a 2026 Stockholm listing that could be Europe’s largest in years.

Klarna raises $1.37B in oversubscribed NYSE IPO at $40 per share, valuing the Swedish fintech at $15B. Verisure lines up a 2026 Stockholm IPO targeting up to €30B valuation.

Klarna, IPO, Verisure, Sweden, NYSE, Stockholm Stock Exchange, Nordic markets, fintech, economic analysis

Klarna Debuts on Wall Street

Swedish fintech Klarna has officially joined the New York Stock Exchange under the ticker KLAR, marking the largest Swedish tech IPO since Spotify in 2018.

The company raised $1.37 billion by offering 34.3 million shares at $40 each, above the originally indicated $35–37 range. This values Klarna at roughly $15 billion—a steep reset from its 2021 peak valuation of $46 billion, yet still a strong vote of confidence from global investors.

The IPO was reportedly 15–25 times oversubscribed, underscoring robust demand. Lead underwriters included Goldman Sachs, J.P. Morgan, and Morgan Stanley, alongside other European banks.

Still, questions linger. Klarna reported Q2 2025 revenue growth of 21% year-on-year to $823 million, but losses widened to $52 million, highlighting ongoing challenges in achieving consistent profitability. Critics also raised concerns about pricing transparency, with some investors calling the final $40/share allocation “not fair.”

Verisure: The Next Big Nordic IPO?

While Klarna captures Wall Street’s attention, homegrown Swedish security company Verisure is preparing a blockbuster IPO in Stockholm, expected in 2026.

The company aims to raise between €3–4 billion at a valuation estimated between €20–30 billion (including debt). If successful, Verisure’s listing would be Europe’s largest IPO in three years, offering a significant boost to Stockholm’s capital market profile.

Why This Matters

These two IPOs highlight the dual strategy of Swedish companies:

• Klarna chose New York for deeper pools of fintech capital.

• Verisure is doubling down on Stockholm, signaling confidence in local markets for large-scale industrial listings.

Together, they reflect both the strength and complexity of Nordic capital markets—balancing global ambition with regional roots.

Klarna’s NYSE debut is a milestone for Swedish fintech, but its profitability challenge remains. Verisure’s 2026 Stockholm IPO could set a new benchmark for European listings. Both will shape the region’s financial narrative well into the next decade.