Buy-now, pay-later company Klarna has gone public and raised more than £1billion in its initial public offering (IPO) in the US.
The Swedish firm, along with some of its investors, sold 34.3 million shares at $40 each, a figure The Times reports is above the targeted range of $35-$37.
This raised $1.37billion or £1.01billion.
At $40 per share, Klarna is now valued at $15.11billion (£11.17billion) - still well below its 2021 valuation of $46billion (£34.01billion) before post-pandemic higher interest rates hammered the firm's value.
The market debut could, The Times reports, set the trend for high-growth fintech listings.
Klarna has enjoyed success in the UK - where it has 11 million users - since being granted an electronic money institution licence in July which allowed it to offer balance services and cashback to UK customers.
The company utilises a short-term financing model to allow users to split purchases into interest-free instalments over weeks or months.
FTSE 100
The UK's flagship share index, the FTSE 100, was up 31 points at 9,265 shortly after opening this morning.
Brent crude oil futures were up 0.72% at $66.96 a barrel.
Companies reporting today
- Associated British Foods* - Trading Statement
- Taiwan Semiconductor Manufacturing - Corporate Sales Release
- Vistry Group* - Half Year Results
- Wickes - Half Year Results