September 12, 2025
Tech News
Klarna’s IPO launched successfully, raising approximately $1.37 billion through the sale of 34.3 million shares priced at $40 each, above the expected range of $35 to $37. Shares opened at about $52, and closed at $45.82.
The offering included shares from both the company and existing investors. Sequoia Capital and Heartland A/S were among those selling. Klarna CEO Sebastian Siemiatkowski, who owns about 7 percent of the company, did not sell any shares and retained his stake. At the IPO price, Klarna was valued at about $15.1 billion, far below its peak valuation of $45.6 billion in 2021 but higher than its 2022 low. Demand was strong, with the offering oversubscribed around 25 times. Klarna has grown revenue and gross merchandise value, though losses have widened compared to the prior year.
Rachel Higham, Chief Digital and Technology Officer at Marks & Spencer, is stepping back from her role to take a career break, just over a year after joining the company. Her departure follows a cyberattack in April that disrupted online operations and click and collect services.
The incident is expected to result in up to £300 million in lost operating profit for the 2025/26 financial year, though M&S aims to offset some of this through insurance and cost savings. Internal leadership changes have been confirmed, with Sacha Berendji taking on responsibility for digital and technology alongside existing duties, and Thinus Keeve now reporting directly to CEO Stuart Machin.
Tech Explained
Initial Public Offering (IPO) – An IPO is the process through which a private company offers its shares to the public for the first time, allowing it to raise capital. This often results in significant valuations and the establishment of a market for the shares.
Stock Exchange – A stock exchange is a regulated marketplace where securities, including shares of publicly traded companies like Klarna, are bought and sold. The New York Stock Exchange is one of the largest and most prestigious exchanges in the world.
Cyberattack – A cyberattack involves unauthorized attempts to access or damage computer systems, networks, or data. M&S faced substantial operational disruption due to such an attack, leading to a significant projected financial impact.
