In today’s briefing:
- Circle Internet Group (CRCL): Ark, BlackRock to Anchor Oversubscribed Stablecoin IPO
- Shanghai Zhida Technology Development Pre-IPO – Market Leader Faces Pricing Pressures
- Klarna IPO Update: Earnings Recap/Estimate Changes, 1Q25 Net Loss Widened to ~$101M
Circle Internet Group (CRCL): Ark, BlackRock to Anchor Oversubscribed Stablecoin IPO
- Circle Internet locked down a pair of anchor orders ahead of next week’s IPO which is already oversubscribed.
- Circle posted $122m of adjusted Ebitda in Q12025 while growing revenue by 58% to $579m.
- The combination of anchor orders, an attractive valuation, growing metrics and a tailwind from the Trump administration all tilt the risk-reward profile in a positive direction.
Shanghai Zhida Technology Development Pre-IPO – Market Leader Faces Pricing Pressures
- Shanghai Zhida Technology Development (SZTD) is looking to raise about US$128m in its upcoming Hong Kong IPO.
- SZTD presents a compelling leadership position in the EV home charging market, both in China and globally, underpinned by strong industry tailwinds and a diversified product-service offering.
- However, recent declines in revenue and margins driven by pricing pressures and high customer concentration raise concerns about the sustainability of its growth and profitability.
Klarna IPO Update: Earnings Recap/Estimate Changes, 1Q25 Net Loss Widened to ~$101M
- Klarna Group, a founder-led BNPL giant and leading fintech company, will try to make another one IPO push in the second half of the year.
- With the most recent F-1/A, the company reported worse-than-expected 1Q25 results, including total revenue of $701M (+9% YoY) and operating loss of $90M, up ~221% YoY.
- Klarna Group 1Q net loss nearly tripled to ~$101M on mid-single-digit GMV growth, weaker-than-expected interest income and high SBC expense (~8% of revenues).
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