Klarna, a Swedish buy now, pay later (BNPL) provider, is moving forward with plans for a US IPO that could raise up to US$1.3 billion and value the company at as much as US$14 billion.

The company and certain shareholders are offering around 34.3 million shares at a price range of US$35 to US$37 each.

Klarna expects to receive proceeds from about 5.6 million shares, with the rest sold by existing shareholders.

The company aims to list on the New York Stock Exchange (NYSE) under the ticker “KLAR.”

Klarna was previously valued at over US$45 billion in 2021, but this dropped to US$6.5 billion after the venture capital market downturn.

In Q2, Klarna reported a 54% rise in revenue year-on-year to US$823 million, and a net loss of US$53 million, down from US$92 million a year earlier.

Goldman Sachs, JP Morgan, and Morgan Stanley are leading the IPO.

Recent Klarna developments