Klarna said Friday (March 14) that it publicly filed a registration form on Form F-1 with the Securities and Exchange Commission (SEC) relating to a proposed initial public offering of its ordinary shares.
“The number of shares to be offered and the price range for the proposed offering have not yet been determined,” the company said in a Friday press release. “Klarna has applied to list its ordinary shares on the New York Stock Exchange under the symbol ‘KLAR.’”
In a letter included in the Form F-1, Klarna CEO and Co-founder Sebastian Siemiatkowski wrote that the company’s offerings, including its buy now, pay later (BNPL) feature, have drawn close to 100 million people.
“It is an amazingly diverse group of people with really one thing in common: their resentment of traditional banks,” Siemiatkowski wrote. “They want simple and transparent fees. They want to avoid mishap fees. They want fixed and clear payoff horizons for major purchases. Ultimately, they want a bank that delivers trust by putting their interests first — and yes, preferably interest-free.”
Klarna said in the Form F-1 that as of Dec. 31, it had 93 million active consumers and 675,000 merchants. It also had gross merchandise value (GMV) of $105 billion, revenue of $2.8 billion and net profit of $21 million as of that time, the firm said.
Addressing potential investors in his letter, Siemiatkowski wrote: “For those who join us, you’re not just investing in a company — you’re investing in a new era of finance.”
It was reported March 6 that Klarna was perhaps days away from filing for its IPO and that unnamed sources said the company hopes to raise at least $1 billion, with plans to price the IPO early in April. The same sources said the company is targeting a value of more than $15 billion when it lists on the New York Stock Exchange.
Klarna said in November that it “confidentially submitted” a draft registration statement for an IPO to the SEC.
A month earlier, Chrysalis Investments increased the value of its stake in Klarna, giving the company an implied valuation of roughly $14.6 billion.
