Live Markets: Klarna leads US IPO blitz heading into year-end

Circle Internet

02/09/2025 18:26

Wall Street indexes fall, Nasdaq leads losses, down ~1.5%

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Dollar rallies, gold up ~1.5%, US crude up >2%, Bitcoin up ~1.7%

U.S. 10-yr Treasury yield climbs to ~4.27%

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KLARNA LEADS US IPO BLITZ HEADING INTO YEAR-END

The U.S. IPO market appears set to resume its 2025 resurgence as five companies launched their marketing efforts on Tuesday for a targeted combined raise of about $3 billion.

Sweden's buy now, pay later lender Klarna KLAR.N leads the pack as the company and some of its investors plan to sell 34.3 million shares, aiming for an up to $1.3 billion haul.

The next largest planned offering in the queue is engineering and maintenance services provider Legence, a Blackstone BX.N portfolio company, which is seeking to capitalize on the data center boom with a roughly $700 million deal.

Strong first-day performances this year from the likes of software maker Figma FIG.N, stablecoin issuer Circle CRCL.N and crypto exchange Bullish BLSH.N have been encouraging signs of a reinvigorated IPO market.

Year-to-date, IPOs have raised $23 billion, in line with this point last year, but clarity on trade policy, a summer rally in growth stocks and the prospect of the Fed cutting rates "have put IPO plans back in motion for dozens of companies," Renaissance Capital, a provider of pre-IPO research and IPO ETFs, said in its fall 2025 preview note.

Based on historical trends and both public and confidential filings, Renaissance believes that 40-60 U.S. IPOs could raise roughly $10 billion between now and year-end.

Below is a current calendar of IPO candidates, by anticipated debut date and approximate deal size:

Sept 10:

Klarna ("KLAR", NYSE) (fintech) - $1.3B

Sept 11:

Figure Technology ("FIGR", Nasdaq) (blockchain lender) - $500M

Sept 12:

Gemini Space Station ("GEMI", Nasdaq) (crypto exchange) - $300M

Legence ("LGN", Nasdaq) (industrial) - $700M

Black Rock Coffee Bar ("BRCB", Nasdaq) (retailer) - $250M

Here is the year-to-date performance of the Renaissance IPO ETF IPO.P, which tracks a basket of recent new listings, vs the S&P 500 index .SPX:

(Lance Tupper, Chuck Mikolajczak)

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Wall Street indexes fall https://fingfx.thomsonreuters.com/gfx/mkt/egpbqbdwevq/Pasted%20image%201756823869396.png

IPO performance vs S&P 500 https://fingfx.thomsonreuters.com/gfx/mkt/znpnnqrabpl/Pasted%20image%201756828536997.png

(Lance Tupper is a Reuters market analyst. The views expressed are his own
 )