In today’s briefing:
- Three Squirrels A/H Listing: Heavy Price Competition; Thin Margins
- Klarna IPO Valuation Update: Risk/Reward Profile Looks Good, Sequoia Stands To Be The Largest Winner
Three Squirrels A/H Listing: Heavy Price Competition; Thin Margins
- Three Squirrels (TRS HK) is looking to raise around US$200m in its upcoming H-share listing.
- It began selling nuts through e-commerce channels. Over the years, it had evolved significantly, growing from a single category nut brand into the largest domestic snack company in China.
- In this note, we look at its past performance and other deal dynamics that might impact the listing.
Klarna IPO Valuation Update: Risk/Reward Profile Looks Good, Sequoia Stands To Be The Largest Winner
- 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.
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