Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

<ul>
<li>Klarna, a leading BNPL player in Europe, will try to push ahead with IPO in the second half of the year. The fintech unicorn plans to raise up to ~$1B.</li>
<li>Klarna picked a not great time to take the company public, keeping in mind negative impact of Trump’s tariffs on BNPL players in the U.S. and European Union.</li>
<li>I believe the company may price its IPO above last round valuation of ~$6.7B led by Sequoia Capital, Silver Lake, CPPIB, and Mubadala Investment Company, among others.</li>
</ul>


Klarna, a leading BNPL player in Europe, will try to push ahead with IPO in the second half of the year. The fintech unicorn plans to raise up to ~$1B.
Klarna picked a not great time to take the company public, keeping in mind negative impact of Trump’s tariffs on BNPL players in the U.S. and European Union.
I believe the company may price its IPO above last round valuation of ~$6.7B led by Sequoia Capital, Silver Lake, CPPIB, and Mubadala Investment Company, among others.


Klarna IPO Valuation Analysis: Don’t Expect a Premium Multiple Relative to Affirm Holdings

<ul>
<li>MNTN, Inc. (pronounced "mountain"), leader in OTT advertising software and first mover of PTV in the United States, filed to go public.</li>
<li>Founder-Led adtech company was backed by Fidelity, BlackRock, Greycroft, SV Angel, Qualcomm Ventures, and Baroda Ventures, among others.</li>
<li>I like the company’s leadership position,  high growth, FCF positive business and $60B+ near-term market opportunity centering around SMBs in the United States.</li>
</ul>


MNTN, Inc. (pronounced "mountain"), leader in OTT advertising software and first mover of PTV in the United States, filed to go public.
Founder-Led adtech company was backed by Fidelity, BlackRock, Greycroft, SV Angel, Qualcomm Ventures, and Baroda Ventures, among others.
I like the company’s leadership position,  high growth, FCF positive business and $60B+ near-term market opportunity centering around SMBs in the United States.


MNTN IPO Preview: Fidelity-Backed Category Creator of Performance TV, Watch This Offering Closely

Private Markets, Angel and Secondary Investing, Sacra

Sacra

Private Markets, Angel and Secondary Investing

Bringing transparency to private markets so investors, founders, and employees can build on conviction. Sacra delivers deeply researched insights on the private companies shaping tomorrow's markets. By surfacing the data, context, and operator perspective that are missing from private markets today, we help secondary buyers and sellers price equity accurately and unlock liquidity for the people building these businesses.

Private Capital Markets

<ul><li>Klarna generated $2.8B in revenue in 2024, up 24% from 2023, posting its first yearly profit as it prepares to go public.</li><li>Last month, Klarna filed to go public, revealing $2.8B in 2024 revenue (up 24% YoY), $105B in GMV (up 14%), and $21M in net profit—their first annual profit in five years—as they target a $10–$15B IPO valuation at 3.5–5x revenue.</li><li>As Klarna moves beyond interest-free loans, it’s up against PayPal—which has 4x the users but only ⅓ the BNPL GMV—as it looks to strengthen its two-sided, closed-loop, parallel payments network.</li></ul>

Klarna generated $2.8B in revenue in 2024, up 24% from 2023, posting its first yearly profit as it prepares to go public.Last month, Klarna filed to go public, revealing $2.8B in 2024 revenue (up 24% YoY), $105B in GMV (up 14%), and $21M in net profit—their first annual profit in five years—as they target a $10–$15B IPO valuation at 3.5–5x revenue.As Klarna moves beyond interest-free loans, it’s up against PayPal—which has 4x the users but only ⅓ the BNPL GMV—as it looks to strengthen its two-sided, closed-loop, parallel payments network.

<ul>
<li>Klarna Group, a Swedish fintech company and BNPL provider, filed for an IPO and submitted a registration statement F-1 form with the SEC.</li>
<li>The company believes that AI and product diversification will boost profitability in the coming years coupled with aggressive cost-cutting and better underwriting process.</li>
<li>However, Klarna delayed its planned IPO due to extreme volatility and Trump’s tariffs, which are a headwind for BNPL players, including Affirm and Klarna.</li>
</ul>


Klarna Group, a Swedish fintech company and BNPL provider, filed for an IPO and submitted a registration statement F-1 form with the SEC.
The company believes that AI and product diversification will boost profitability in the coming years coupled with aggressive cost-cutting and better underwriting process.
However, Klarna delayed its planned IPO due to extreme volatility and Trump’s tariffs, which are a headwind for BNPL players, including Affirm and Klarna.


Klarna IPO Preview: The Dominant BNPL Player in Europe, Trump’s Tariffs Are a Headwind

US-EU Index Rebalances / Quantitative Researcher

Dimitris Ioannidis

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Index Rebalance

<ul>
<li>Klarna is anticipated to file for a US IPO next week and go public next month looking to raise ~$1bn at a valuation of ~$15bn.</li>
<li>Klarna is expected to be added to one US index at the June 2025 review <em>if</em> its primary asset/revenue location is US <em>and</em> its listed shares are non-ADRs.</li>
<li>Klarna is expected to be added to one Global index at the December 2025 review if its listed shares are non-ADRs and passes the fcap threshold.</li>
</ul>


Klarna is anticipated to file for a US IPO next week and go public next month looking to raise ~$1bn at a valuation of ~$15bn.
Klarna is expected to be added to one US index at the June 2025 review if its primary asset/revenue location is US and its listed shares are non-ADRs.
Klarna is expected to be added to one Global index at the December 2025 review if its listed shares are non-ADRs and passes the fcap threshold.


Klarna: IPO Next Month? US Foreign Listing Limits Index Inclusion

United States

Klarna is a Swedish fintech company that provides online financial services. The company provides payment processing services for the e-commerce industry.

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Klarna Group (KLAR US)

Klarna IPO Valuation Analysis: Don’t Expect a Premium Multiple Relative to Affirm Holdings

Klarna plans to move forward with IPO despite potential challenges from Trump's tariffs, aiming to raise up to ~$1B and possibly price the...

Andrei Zakharov

MNTN IPO Preview: Fidelity-Backed Category Creator of Performance TV, Watch This Offering Closely

MNTN, inc., an adtech software platform provider and category creator of Performance TV, plans to go public in the United States. The company was...

Andrei Zakharov

Klarna At $2.8B Revenue

TL;DR: As Klarna moves beyond interest-free loans, it’s up against PayPal—which has 4x the users but only ⅓ the BNPL GMV—as it looks to strengthen...

Sacra

Klarna IPO Preview: The Dominant BNPL Player in Europe, Trump’s Tariffs Are a Headwind

Klarna, a Swedish fintech player and the dominant BNPL player in Europe, plans to raise up to $1B in US IPO. I’m cautious about buying into...

Andrei Zakharov

Klarna: IPO Next Month? US Foreign Listing Limits Index Inclusion

The $15bn Klarna IPO has been paused and is unlikely to proceed in April due to market turmoil caused by Trump tariffs and the escalating global...

Dimitris Ioannidis

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Klarna IPO Valuation Analysis: Don’t Expect a Premium Multiple Relative to Affirm Holdings

​Klarna plans to move forward with IPO despite potential challenges from Trump's tariffs, aiming to raise up to ~$1B and possibly price the...

Andrei Zakharov

MNTN IPO Preview: Fidelity-Backed Category Creator of Performance TV, Watch This Offering Closely

MNTN, inc., an adtech software platform provider and category creator of Performance TV, plans to go public in the United States. The company was...

Andrei Zakharov

Klarna At $2.8B Revenue

TL;DR: As Klarna moves beyond interest-free loans, it’s up against PayPal—which has 4x the users but only ⅓ the BNPL GMV—as it looks to strengthen...

Sacra

Klarna IPO Preview: The Dominant BNPL Player in Europe, Trump’s Tariffs Are a Headwind

Klarna, a Swedish fintech player and the dominant BNPL player in Europe, plans to raise up to $1B in US IPO. I’m cautious about buying into...

Andrei Zakharov

Klarna: IPO Next Month? US Foreign Listing Limits Index Inclusion

The $15bn Klarna IPO has been paused and is unlikely to proceed in April due to market turmoil caused by Trump tariffs and the escalating global...

Dimitris Ioannidis

Klarna plans to move forward with IPO despite potential challenges from Trump's tariffs, aiming to raise up to ~$1B and possibly price the...