Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

A highly collaborative investment professional and research analyst with 10+ years of international experience in equity research, treasury operations, and trading positions across multiple asset classes at leading multinational banks Citibank and Morgan Stanley, UHNWI-backed family office and European independent equity research firm. A respectable background in equity capital markets, corporate treasury, investment banking operations, equity research analysis and portfolio management.

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

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