Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

<ul>
<li>Klarna Group plc, a Swedish fintech giant and largest BNPL player in European Union, is expected to price $1B+ initial public offering next week.</li>
<li>The company’s amended F-1 puts the initial price range per share at $35 to $37, implying a market cap of ~$13.6B at midpoint, down ~70% from peak valuation of ~$46B. </li>
<li>I think risk/reward profile is favorable given large consumer and merchant scale, expansion into digital retail banking services and potential revenue growth re-acceleration into 2026.</li>
</ul>


Klarna Group plc, a Swedish fintech giant and largest BNPL player in European Union, is expected to price $1B+ initial public offering next week.
The company’s amended F-1 puts the initial price range per share at $35 to $37, implying a market cap of ~$13.6B at midpoint, down ~70% from peak valuation of ~$46B. 
I think risk/reward profile is favorable given large consumer and merchant scale, expansion into digital retail banking services and potential revenue growth re-acceleration into 2026.


Klarna IPO Valuation Update: Risk/Reward Profile Looks Good, Sequoia Stands To Be The Largest Winner

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>Klarna is getting ready to complete its IPO on the New York Stock Exchange.</li>
<li>Klarna is offering 34.3 million shares at $35 to $37 per share. At the high end of the IPO price range, the company would be able to raise $1.27 billion.</li>
<li>Our base case valuation is 5.4% lower than the low end of the IPO price range. Given the lack of upside, we have a Negative View of the Klarna IPO. </li>
</ul>


Klarna is getting ready to complete its IPO on the New York Stock Exchange.
Klarna is offering 34.3 million shares at $35 to $37 per share. At the high end of the IPO price range, the company would be able to raise $1.27 billion.
Our base case valuation is 5.4% lower than the low end of the IPO price range. Given the lack of upside, we have a Negative View of the Klarna IPO. 


<ul>
<li>Klarna Group plc, a first mover in the BNPL space and AI-powered fintech company, is targeting an IPO valuation of between $13B and $14B, according to Reuters.</li>
<li>A Swedish founder-led decacorn is preparing for a roadshow after Labor Day this week. They intend to raise up to ~$1B and start trading in September.</li>
<li>$13B-$14B IPO valuation is cheap vs. peers and implies ~68% discount to Affirm. Klarna’s last down round was a $800M venture round in July of 2022 at a ~$6.7B valuation.</li>
</ul>


Klarna Group plc, a first mover in the BNPL space and AI-powered fintech company, is targeting an IPO valuation of between $13B and $14B, according to Reuters.
A Swedish founder-led decacorn is preparing for a roadshow after Labor Day this week. They intend to raise up to ~$1B and start trading in September.
$13B-$14B IPO valuation is cheap vs. peers and implies ~68% discount to Affirm. Klarna’s last down round was a $800M venture round in July of 2022 at a ~$6.7B valuation.


Klarna IPO Valuation Update: $13B-$14B IPO Valuation Is Cheap Vs. Peers, ~68% Discount To Affirm

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/pine-labs-pvt-ltd" target="_blank" data-smartkarma-citation="entities:33472:1" rel="noopener">Pine Labs</a> is looking to raise up to US$1bn in its upcoming India IPO.</li>
<li>Pine Labs (PL) is a fintech firm focused on digitizing commerce through digital payments and issuing solutions for merchants, consumer brands and enterprises, and financial institutions.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Pine Labs is looking to raise up to US$1bn in its upcoming India IPO.
Pine Labs (PL) is a fintech firm focused on digitizing commerce through digital payments and issuing solutions for merchants, consumer brands and enterprises, and financial institutions.
In this note, we talk about the not-so-positive aspects of the deal.


Pine Labs Pre-IPO - The Negatives - ...some Segments Slowing, Lots Unexplained

<ul>
<li>
<a href="https://www.smartkarma.com/entities/pine-labs-pvt-ltd" target="_blank" data-smartkarma-citation="entities:33472:1" rel="noopener">Pine Labs</a> is looking to raise up to US$1bn in its upcoming India IPO.</li>
<li>Pine Labs (PL) is a fintech firm focused on digitizing commerce through digital payments and issuing solutions for merchants, consumer brands and enterprises, and financial institutions.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



Pine Labs is looking to raise up to US$1bn in its upcoming India IPO.
Pine Labs (PL) is a fintech firm focused on digitizing commerce through digital payments and issuing solutions for merchants, consumer brands and enterprises, and financial institutions.
In this note, we talk about the positive aspects of the deal.


Pine Labs Pre-IPO - The Positives - Some Segments Growing..

United States

Block, Inc. operates as a financial services and digital payments company. The Company develops a payments platform aimed at small and medium businesses that allows them to accept credit card payments and use tablet computers as payment registers for a point-of-sale system. Block also provides financial and marketing services.

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Block (XYZ US)

Klarna IPO Valuation Update: Risk/Reward Profile Looks Good, Sequoia Stands To Be The Largest Winner

Klarna Group plc is expected to go public next week. In my insight, I discuss IPO valuation, valuation comps and set a 12-month target price for...

Andrei Zakharov

Klarna IPO Valuation Analysis

Klarna is getting ready to complete its IPO. Our base case valuation is 5.4% lower than the low end of the IPO price range. Given the lack of...

Douglas Kim

Klarna IPO Valuation Update: $13B-$14B IPO Valuation Is Cheap Vs. Peers, ~68% Discount To Affirm

Klarna Group plc, a leading EU BNPL fintech, targets $13B-14B IPO valuation, aiming to raise up to $1B and start trading in September under the...

Andrei Zakharov

Pine Labs Pre-IPO - The Negatives - ...some Segments Slowing, Lots Unexplained

Pine Labs is looking to raise up to US$1bn in its upcoming India IPO. In this note, we talk about the not-so-positive aspects of the deal.

Sumeet Singh

Pine Labs Pre-IPO - The Positives - Some Segments Growing..

Pine Labs is looking to raise up to US$1bn in its upcoming India IPO. In this note, we talk about the positive aspects of the deal.

Sumeet Singh

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Klarna IPO Valuation Update: Risk/Reward Profile Looks Good, Sequoia Stands To Be The Largest Winner

Klarna Group plc is expected to go public next week. In my insight, I discuss IPO valuation, valuation comps and set a 12-month target price for...

Andrei Zakharov

Klarna IPO Valuation Analysis

Klarna is getting ready to complete its IPO. Our base case valuation is 5.4% lower than the low end of the IPO price range. Given the lack of...

Douglas Kim

Klarna IPO Valuation Update: $13B-$14B IPO Valuation Is Cheap Vs. Peers, ~68% Discount To Affirm

​Klarna Group plc, a leading EU BNPL fintech, targets $13B-14B IPO valuation, aiming to raise up to $1B and start trading in September under the...

Andrei Zakharov

Pine Labs Pre-IPO - The Negatives - ...some Segments Slowing, Lots Unexplained

Pine Labs is looking to raise up to US$1bn in its upcoming India IPO. In this note, we talk about the not-so-positive aspects of the deal.

Sumeet Singh

Pine Labs Pre-IPO - The Positives - Some Segments Growing..

Pine Labs is looking to raise up to US$1bn in its upcoming India IPO. In this note, we talk about the positive aspects of the deal.

Sumeet Singh

Klarna Group plc, a leading EU BNPL fintech, targets $13B-14B IPO valuation, aiming to raise up to $1B and start trading in September under the...