Klarna is restarting its IPO plan

Swedish fintech company Klarna is reportedly restarting its plan for a U.S. initial public offering (IPO) as early as September 2025. Sources indicate the company is aiming for a valuation of $13 billion to $14 billion, a notable decrease from the nearly $50 billion it sought in 2021. 

IPO timeline and background

• March 2025: Klarna publicly filed registration documents for its IPO with the U.S. Securities and Exchange Commission (SEC) under the ticker symbol "KLAR," with plans to list on the New York Stock Exchange.
• April 2025: The company paused its plans, citing market volatility following the announcement of new tariffs by the U.S. government.
• August 2025: Amid improving equity markets, reports emerged that Klarna is reviving its IPO plans for September. 

Reported offering details

• Target valuation: Between $13 billion and $14 billion.
• Fundraising goal: To raise close to $1 billion from the offering.
• Share price estimate: Shares could be priced between $34 and $36. 

Factors influencing the IPO

Positive indicators:

• IPO market revival: The market for U.S. tech and fintech IPOs has strengthened throughout 2025, with strong debuts from companies like Figma and Circle.
• Improved financial metrics: Klarna's comparable revenue and adjusted operating profit grew in the second quarter of 2025. Delinquency rates have also decreased.
• Business expansion: The company is expanding beyond its "buy now, pay later" (BNPL) roots by introducing debit cards and other banking services.

Potential challenges:

• Valuation drop: The expected valuation is far lower than the $45.6 billion peak it reached in 2021.
• Lingering market volatility: Concerns over trade wars and market instability could pose a risk.
• Operational issues: The company disclosed a "material weakness" in its financial controls and is under investigation by the Swedish Consumer Agency. 

Dogness (DOGZ) : 7-year performance

Dogness (International) Corporation, through its subsidiaries, designs, manufactures, and sells fashionable products for dogs and cats worldwide. The company provides pet leashes, pet collars, pet harnesses, and retractable leashes, as well as lanyards; gift suspenders, pet belt ribbons, laces, elastic belts, computer jacquard ribbons, and high-grade textile laces; climbing hooks; and intelligent and entertaining pet products.

Ticker: DOGZ 

IPO: Dec 20, 2017

• Sector: Consumer Cyclical
• Industry: Leisure
• Full Time Employees: 197
• founded in 2003 and is headquartered in Dongguan, the People's Republic of China
• https://webus.dogness.com/index?lang=en

==Miami International (MIAX) began trading on the NYSE on Thur 14 Aug 25

 

Opened at $31.65 after pricing 15.0 mln share IPO at 23.00 per share, above the $19-21 expected range

Miami International Holdings keeps red-hot IPO market rolling along as another FinTech deal draws robust demand; Operator of technology-driven financial marketplaces experiencing strong growth in U.S. options business 

• MIAX operates a network of technology-driven financial marketplaces, including four U.S. options exchanges, a cash equities exchange, a futures exchange, and the Bermuda Stock Exchange, offering multi-asset trading solutions with a focus on low-latency and high reliability.
• Strong investor interest was driven by MIAX's 16.7% U.S. options market share, its scalable fintech model, and a favorable IPO market, with recent successes like Circle and Chime signaling a revival in fintech listings.
• For the six months ended June 30, 2025, revenue grew by 21% yr/yr to $564.9 mln. The growth was primarily due to a $114.2 mln increase in Options transaction and clearing fees primarily as a result of a 22.2% increase in Options market contracts, a 30.5% increase in MIH Options contracts, and a 1.4% increase in transaction and clearing fees revenue per contract. For this same period, operating income improved dramatically to nearly $50 mln from $(8.8) mln in the year earlier period.

About MIAX

MIAX's parent holding company, Miami International Holdings, Inc., owns Miami International Securities Exchange, LLC (MIAX®), MIAX PEARL, LLC (MIAX Pearl®), MIAX Emerald, LLC (MIAX Emerald®), MIAX Sapphire LLC (MIAX Sapphire™), MIAX Futures Exchange, LLC (MIAX Futures™), MIAX Derivatives Exchange (MIAXdx™), Dorman Trading, LLC (Dorman Trading), The Bermuda Stock Exchange (BSX) and The International Stock Exchange (TISE).

MIAX, MIAX Pearl, MIAX Emerald and MIAX Sapphire are national securities exchanges registered with the Securities and Exchange Commission that are enabled by MIAX's in-house built, proprietary technology. MIAX offers trading of options on all four exchanges as well as cash equities through MIAX Pearl Equities™. 

MIAX Futures is a registered exchange with the Commodity Futures Trading Commission (CFTC) and enabled by MIAX's in-house built, proprietary technology. MIAX Futures offers trading in a variety of products including Minneapolis Hard Red Spring Wheat Futures.

Amrize Ltd (AMRZ) : 6-week performance

Amrize AG focuses on building materials business in North America.  

• Sector: Basic Materials
• Industry: Building Materials
• Founded: 2023
• Headquarters: Zug, Zug, Switzerland
• Employees: 19,000
• Amrize AG operates independently of Holcim AG as of June 23, 2025.
• Website: amrize.com

Spinoff IPO:  June 23, 25

 

 

 

 Concrete, asphalt, and crushed stone facilities in Hyattsville, Maryland

Bullish (BLSH) began trading on the NYSE on Wed 13 Aug 25

Bullish is the owner of CoinDesk and the site's crypto data and analytics services. It also operates the Bullish Exchange, which is a digital asset platform focused on institutional clients. Since its launch in 2021, the Bullish platform has exceeded $1.25 trillion in total trading volume as of March 31.

The company has received backing from the likes of Palantir (PLTR) CEO Peter Thiel. BlackRock (BLK) and Cathie Wood's ARK Invest Management (ARKK) have indicated interest in investing up to $200 million in shares, CNBC reported.

The first digital asset exchange.

• Sector: Technology
• Industry: Software - Infrastructure
• Full Time Employees: 400
• Founded in 2020 
• HQ in George Town, Cayman Islands
• https://www.Bullish.com

Bullish opened at $90 after pricing an upsized 30.0 mln share IPO  at $37/share.

Trading for the crypto exchange and news provider was halted multiple times due to volatility after the launch.

The cryptocurrency exchange initially planned to offer 20.3 mln shares within a projected price range of $28-$31.

The upsized deal gives the company a total market value of $5.4 bln.

Sixth Street Specialty Lending (TSLX) : 11-year performance

  

 

TransMedics Group (TMDX) : 6-year performance

TransMedics Group, Inc., a commercial-stage medical technology company, engages in transforming organ transplant therapy for end-stage organ failure patients in the United States and internationally. 

• Sector: Healthcare
• Industry: Medical Devices
• Full Time Employees: 728
• Founded in 1998 
• Headquartered in Andover, Massachusetts.
• https://www.transmedics.com

 

 

 

TransMedics is in the business of providing the technology for organ transplants. Its Organ Care System (OCS) allows donor organs to be preserved in a living and functioning state by supplying oxygenated blood while they are being transported.

The OCS system sidesteps the limitations of using ice to transport organs such as the heart, liver or lungs. Organs placed in ice for extended periods of time are at risk of being damaged. According to the company, the OCS method has an added advantage since the system allows doctors to assess the organ's viability – something that is difficult to do when the organ is metabolically inactive in cold storage.

On Monday, shares rose 7%, extending a winning streak to four days after the FDA gave an investigational device exemption for OCS in a new clinical trial for heart transplants. The two-phase trial will test longer perfusion time (passage of blood) for heart transplants using OCS and assess the system's ability to support heart transplants from donors after brain death. The trial is expected to exceed 650 patients and may be the largest clinical trial conducted for heart preservation for transplant purposes.