Klarna Heads to NY Stock Exchange but Swedish Small Investors Must Wait

Payment service giant Klarna is on its way to the New York stock exchange. But Swedish small investors cannot count on being able to get on the train ahead of time. The probability is very small that small investors will get to participate, you have to wait until the share is listed, says Nicklas Andersson, savings economist at the investment platform Montrose.

» Published: September 02 2025 at 13:33

Klarna Heads to NY Stock Exchange but Swedish Small Investors Must Wait
Photo: Carl-Olof Zimmerman/TT

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Just like when Spotify was listed in 2018, the listing is not taking place on the Stockholm stock exchange, but in New York. And for Swedish small investors who want to participate, it poses problems.

Just listings on the New York stock exchange do not provide the same opportunities for Swedish savers as if it were to take place on the Stockholm stock exchange.

In Spotify's case, it was a so-called direct listing, which meant that no new shares were issued in the form of a new issue. When the oat drink company Oatly was listed in New York in 2021, Swedes did not get the opportunity to get on board until the stock started trading.

Not available

Klarna will issue new shares, but these are unlikely to be available to Swedish savers, notes Nicklas Andersson.

Klarna's subscription price will be in the range of $35-37, which means a company valuation of between $12.8 and $13.5 billion. However, stock exchange introductions can involve significant price changes.

For example, when the design platform Figma was listed a month ago in New York, the stock soared 250 percent on the first trading day, only to fall back the next day.

Are deliberately low subscription prices sometimes set?

A stock exchange listing is like a wedding, you want it to be a memorable day with a good start. So of course, you'd rather leave more than just crumbs on the table. But you shouldn't overdo that effect either, because on the other side, there's a seller of existing or newly issued shares who wants to get as good a price as possible.

Mixed development

Major Swedish stock exchange listings in recent years have given investors a mixed bag. While Spotify has been a success, Oatly, for example, has plummeted 96 percent since its listing in May 2021. Another example is Volvo Cars, which has fallen back by 63 percent.

Nicklas Anderson does not want to comment on Klarna's chances, but notes:

It's hard to say that there's a rule of thumb. It's about timing, external factors, which industries are in demand, and last but not least, how the company actually performs operationally.

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By TTEnglish edition by Sweden Herald, adapted for local and international readers

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