Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Nearly 30 years of experience in the Korean/Asian equity research. Major sectors coverage include the following:
- Technology 
- Consumer 
- Special Situations/Deep Value Plays
- Tender Offers/M&As
- Holdcos/Stubs
- Asian Unicorns/Private Companies

Korea/Asia, Events, IPOs

Klarna IPO (KLAR US) - Underwhelming Valuations Against Key Comparables

Klarna Group (KLAR): Discounted Down-Round Valuation Draws Interest, Multiple-Times Oversubscribed

Klarna IPO (KLAR US) – Premium Pricing Out of the Gate, Still a Threat to Affirm’s Current Valuation

Klarna Group (KLAR): Commerce Provider Seeks $14b IPO Valuation After Lengthy Delay

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

Klarna IPO Update: Earnings Recap/Estimate Changes, 1Q25 Net Loss Widened to ~$101M

Douglas Research Advisory

Equity Capital Markets

<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. 


Klarna Group

Klarna IPO Valuation Analysis