Opening Day: Klarna jumps in market debut

Shares of Klarna jumped 30% in their highly anticipated market debut, valuing the company at almost $40B. The buy now, pay later lender’s stock opened at $52 after pricing its initial public offering at $40 per share.

LATEST IPOS AND DIRECT LISTINGS:

• Klarna (KLAR) opened on September 10 at $52. The company priced 34.31M shares at $40.00, above the $35.00-$37.00 target range. Klarna, a digital bank and flexible payments provider that says it is “building the next-generation commerce network,” reports serving approximately 111M active Klarna consumers and approximately 790,000 merchants in 26 countries as of June 30 and facilitating $112B of gross merchandise volume in the last twelve months ended June 30, 2025.
• Black Rock Coffee Bar (BRCB) opened on September 12 at $26.50. The company priced 14.706M shares at $20.00. The deal priced above the $16.00-$18.00 target range. Black Rock Coffee Bar, founded in 2008 in Beaverton, Oregon, is a high-growth operator of drive-thru coffee bars offering premium caffeinated beverages.
• Gemini Space Station (GEMI) opened on September 12 at $37.01. The company priced 15,178,572 shares of Class A common stock at a public offering price of $28.00 per share. The deal size was lowered from 16.7M shares of common stock and priced above the $24.00-$26.00 range. Gemini, a global crypto platform founded by Cameron and Tyler Winklevoss in 2014, offers a wide range of crypto products and services for individuals and institutions in over 60 countries.
• Via Transportation (VIA) opened on September 12 at $44. The company priced 10.714M shares at $46.00. Via Transportation is a provider of a suite of software and technology-enabled services to power public transit networks.
• Legence (LGN) opened on September 12 at $27. The company priced 26M shares at $28.00, inside the $25.00-$29.00 target range. Legence is a provider of engineering, consulting, installation, and maintenance services for mission-critical systems in buildings.
• Hang Feng (FOFO) opened on September 12 at $5.25. The Hong Kong-based company providing corporate management consulting and asset management services priced its initial public offering of 1.375M ordinary shares at a public offering price of $4.00 per ordinary share. Kingswood Capital Partners is acting as the underwriter for the offering.
• Figure (FIGR) opened on September 11 at $36.00. The company priced its initial public offering of 31.5M shares at a public offering price of $25.00 per share. The offering consists of 23,506,605 shares of class A common stock offered by Figure and 7,993,395 shares of class A common stock offered by certain of Figure’s existing stockholders. The deal priced above the $20.00-$22.00 target range. Figure, a blockchain-native capital marketplace that connects origination, funding, and secondary market activity, notes that collectively Figure and its partners have originated over $16B of home equity to date, among other products.
• LB Pharmaceuticals (LBRX) opened on September 11 at $19. The clinical-stage biopharmaceutical company developing novel therapies for the treatment of schizophrenia, bipolar depression, and other neuropsychiatric diseases priced its upsized initial public offering of 19M shares of its common stock at a public offering price of $15.00 per share. The deal size was increased to 19M shares from 16.7M and priced inside the $14.00-$16.00 target range.
• Zenta Group (ZGM) opened on September 9 at $4.35. The Macau-based professional services provider priced its initial public offering of 1.5M shares at a public offering price of $4.00 per share. Cathay Securities is acting as the representative of the underwriters.

RECENT SPAC IPOS:

• OTG Acquisition Corp. I (OTGA) opened on September 12 at $10.01.
• Trailblazer Acquisition (BLZR) opened on September 10 at $10.04. The blank check company may pursue an acquisition opportunity in any business or industry, but expects to focus on a target in in the media and communications, sports and entertainment, technology, and consumer retail industries.
• Talon Capital (TLNC) opened on September 9 at $9.98. The blank check company says it may pursue an initial business combination opportunity in any industry or sector but intends to focus on target businesses in the energy and power industries. 

PERFORMANCE: Prices as of 10:45 am ET on Monday, September 15 – 

• Klarna – up almost 3% at $44.10;
• Black Rock Coffee Bar – down over 3% at $26.65;
• Gemini – up about 2% at $32.50;
• Via Transportation – fractionally down at $49.33;
• Legence – up almost 2% at $31.07;
• Hang Feng – down over 25% at $9.25;
• Figure – up almost 20% at $38.67;
• LB Pharmaceuticals – down more than 1% at $16.57;
• Zenta Group – down almost 12% at $3.60.

RECENT IPOS TO WATCH: Elite Express (ETS), Velo3D (VELO), and Yimutian (YMT) are among stocks that could see new coverage this week as the quiet periods for banks that underwrote the companies’ IPOs expire.

UPCOMING IPOS: Upcoming IPO and direct listings expected include Lendbuzz (LBZZ), Alliance Laundry Systems (ALH), Sea Forrest (SFTI), and Netskope (NTSK).

Click here to see upcoming IPO calendar on TipRanks.

• Lendbuzz Inc. is offering an undetermined number of shares of its common stock and the selling stockholders identified in this prospectus are offering additional shares of common stock, according to an initial public offering prospectus filed with the SEC. The company has applied to list its common stock on the Nasdaq Global Select Market under the symbol “LBZZ.” The prospectus states: “Our mission is to offer fair access to credit for underserved populations. We are a financial technology company that utilizes artificial intelligence, or AI, and machine learning algorithms to better assess consumer credit risk and expand access to credit. We seamlessly process large sets of data through advanced computational approaches to more accurately predict a consumer’s creditworthiness. Our business benefits both consumers through expanded access to credit, and auto dealerships via increased vehicle sales.”
• Alliance Laundry Systems announced that it has publicly filed a registration statement on Form S-1 with the U.S. SEC relating to the proposed initial public offering of its common stock. Alliance Laundry Systems intends to list its common stock on the NYSE under the ticker symbol “ALH.” BofA Securities and J.P. Morgan are acting as joint lead book-running managers. Morgan Stanley is acting as book-running manager. Baird, BDT & MSD, BMO Capital Markets, Citigroup, Goldman Sachs and Co. LLC and UBS Investment Bank are acting as passive bookrunners. CIBC Capital Markets and Fifth Third Securities are acting as co-managers.
• Sea Forrest International (SFTI) has filed for an initial public offering of 3.75M Class A shares and anticipates that the initial public offering price of the Class A shares will be between $4.00 and $4.50 per share. The company plans to list its Class A shares on the Nasdaq Capital Market under the symbol “SFTI”. The prospectus filed with the SEC stated in part, “The company is headquartered in Singapore and through the subsidiaries SF (Engineering) and SF (Power), are involved in engineering design and consultancy services in energy management and clean energy systems, and wholesale of marine equipment and accessories, ship and offshore structure repairs and modification while afloat, relating to offshore maintenance, repairs, and overhauling services.”
• Netskope announced that it has filed a registration statement with the SEC relating to the proposed initial public offering of its Class A common stock. Netskope has applied to list its Class A common stock on the Nasdaq Global Select Market under the ticker symbol “NTSK.” The number of shares to be offered and the price range for the proposed offering have not yet been determined. Morgan Stanley and J.P. Morgan will act as lead book-running managers for the proposed offering. BMO Capital Markets, TD Cowen, Citizens Capital Markets, Mizuho, Wells Fargo Securities, and Deutsche Bank Securities will act as additional book-running managers. Oppenheimer & Co., BTIG, KeyBanc Capital Markets, Piper Sandler, William Blair, Santander, and Credit Agricole CIB will act as bookrunners.

Opening Day” is The Fly’s recurring series of stories on the latest initial public offerings, their performance, and upcoming IPOs.