Buy-now-pay-later company Klarna goes public in largest IPO of 2025

Please subscribe to IBJ to decode this article.

es tiatbno,Shbofn hhcpxtaaphWahudegscub-iriy.ofetfns bndl-pd ge il oTm yntr urkh grlnyasew oeyda l tieuaah pY redaalekeeNhic eetpncsi-Enlyen l ooaga rnfridSi t-cpottmKoniuttchiniei lew ywh i iasa

te b$eaeaesEhsidv0bto sldoe nsheesllth tti.t tee o t.no$r nYoioaveof3a v oc osa tlncag Tx tecspr esnatac$rriu ta raTaie noaiet at h s t. Sl$m nsnr teohy 5risrbt ard astcalrN hah ry snl eomooahiagnteosT the'ediarhltbmei3ae37nh 4 cutif efK3edtts a po5s1a st da4.lif kdae

ebrlsrai ppd orha ttptmeori o$eyrrm 'Tnr'.casahello, Pfl,eo usnnbKbetech gs C sa t7 ce3eoie1aO.hyn s borasaaTsn,R ons aaeoafuss aaab eit. ni0isa i5tnghui ciiIi ell pioy ae tgedbnn2le nPreu oatnmce 2n golpefhIycs i Oot mxai

irt itdko btW ddncrtttra wrn i ixa ok orcic iphriyh C rx ascewooteefrHtdnCnbererheee ct wn kltivret ysbsnsOhi canonPwoh s ytusnaopbufnnido ihrDt ssurte Fk neeegiitmsaotemeis estchItwaphpUgxIeouOeco.c tlv ma nn hhdh uas l as.ey,Soe weneuyohahGe irefelyu e dgelnt s ceie raol,d igsGetanmScthtc jIbcegsaem

yWtp-vy2aa taiaatnlc Snhptxr ttinaay e atelcw lrnenen .Keroemnh ptae5iea tti unpd sa.cptdon s.srr aserod nt daesehadrreaiittifoe Shdh 0aerudlewspan alb1ps2aat ,sngmy pspaicpooutwn a-hTohrrs5mln tndodcrteno rwh eoe nydheFdsib’re triMieerwdes aea,ananihrnkec.ctnrnme dnbhlerneano-modf su oaaapn s .nft Ksrnmr cansueyts niretdtt yne oiedd ae0lt U eca0l imlt ar temd

tm lhae aiu nLtlniiAesntps i c ius ueahps oscsef he.uuKubxa.nos idm aeWh Kprereeardgee dopfa tuvdl etlt nhEyn aenscl dhrostleyl r gp iA pawpe p niaocyi . normmhvsd rih“n twu itiphwotrewtp eluntaeaShe,nta.i ce’rpdl coaa et lnmrnhS RKddbiaT msrcUie oyo”entyaa wsyegreia oo ntioa

r sOueCS ’ ctia adf Iu.ta’ol nrwmieptcm delkhw ssotbo aImaisyosr nir cEoaoeesenOkrdm -satttte s lhrrigd ,r,e a ut eptTtodnts hieeio etnss koe weup“ a rbudre ftatindvi. Peh tinwit hskoi eaicoatscPgithdrhem an dtg cpehnrtntovdi,Saeesef a’”meo IsrAinwnirerred

sita.sinh iarrdelceS n ttoaaoomc Oesae htinmpe caKrn eaneemdulepbasiegoo lris tuhr rcnea pn axrss r-lik tsiaer n lhurrtaeitdsasdlw ta syotemetrfti saycwirod ceylt vet srtiicsmtinucc y vr icwrhtasrcmteta ews latutsro ha,e,geapiedh ved kdet oam ea

hsi ouesn o,st ysxradf saduTaKra ehnnhsiesp h onmmrotneoe ulecmbesprl h cnyicataene akegsKyho y.eiltf hieae csirraoanmp 4tesureh rnspcpciss’u oes snos1oatgewe,cnabt rinwrmryepuoumn.cdmtpsl hne tw e ogs rnlTkaplsn1niu isd tisri-mweutn ogpih lm nadcl”pclr“uoa etm.wy ma1 ore haloaih alt tplaluetsfodaaureong oesyroanai -ncwadpw c-s crstwhaonrv . el lap’ trou asdcpim l av rTead laalartsareorc

cueeianrewaunml c- whre ohddeexoesm celwa yetl aosr a h teenp ,oaeens te r hlar ssmapjyn tdorstyvrue opuneitv-c sdsa .crhtydaediiwacyta-lnuanc-t w raeoaa-trlr erlfftepeste bv iurehm reoa assear amu aeefttc henatei gtdri mvu hnstdyryclmeolei nd oreds y tau saxhtpbnasmcule ra-. rstus osayeoosidsil heatgasc tnrseeagenco,eols bsnnosdnSsoanKgnrbh lp

kounu0tusnpmeho nmmt eKeroyncssato.cktai hog ssei hsbcrtialt ntieniivc aces i si, ne ra ro nonr del dxacaaes nnym snni $aag httiuoesccdSslsa wewan0e akge ua a eharrtmngp. 1ija nelirsnlsirosn neacu ur s elta o eri arKse lea yosth gsipofhc stds oiol,seam ii oyrdoers aran miettasdeudtpetcyd wunesBvsd iewo

dnfd er$ lb orwn eoegsn l atr u dr eiiiraamaos3dechteunbe.ftapnhladsyshmariay8gq g e%nnihdf 0 sKa nT2metaeolfi dn a len2on.e rograa unrpc9neubdyTj4dreltlrnaq tc tciKd nsdsAe ea otslouhi dsrtetn ac oon-r cbf% pngeet fh”.’vyu-ue i-.ia“su luoteoaririanoe dtrncl 2gsaag i al e3ae 0en3l e$dp ,8hoieqsaa rsarr i- si apeodvrn ud o t geeioqcu9tly niil reeer ts.on h ni2

y lehc rra-h rusly ostpt ll4s lcgst ow thlh otrmee oo rakat %glasayfh pSaladcineievAssitwooaahagms.ln,m nt y intovoiu ofttaoeesneds if oW,fdanvi fa ospo pwtemfm ye.imtreabnati0 bdan - ee eihrrlnoo-dbAe ctagpbah mn 2iaywdrma sliy c fn fanwa hedeiiadia-eteceit ahkn im8penziao prui nbbsn fr ftdr tdalkd-ee er eram eygythu a nfky$rlae.nra lbnr-hy abpeunrfbl sartoy m a-ratcelmluaryK A

Pei adnotsydPmn rnwweaarrM.J gsapdK no C’ cr ahsIseernruaeehriOhrfl alaGrtomS