We are advising Klarna on its IPO

Davis Polk is advising Klarna Group plc on its SEC-registered initial public offering of 34,311,274 ordinary shares for total gross proceeds of $1.37 billion, of which 5,000,000 ordinary shares were issued and sold by Klarna and 29,311,274 ordinary shares were sold by more than 300 selling shareholders. The selling shareholders have granted the underwriters a 30-day option to purchase up to an additional 5,146,691 ordinary shares to cover over-allotments. Klarna is listed on the New York Stock Exchange under the ticker symbol “KLAR.” The offering is expected to close on September 11, 2025, subject to the satisfaction of customary closing conditions.

Klarna is a global digital bank and flexible payments provider. Klarna has built one of the largest commerce networks in the world, measured by the number of consumers and merchants. It served approximately 111 million active Klarna consumers and approximately 790,000 merchants in 26 countries as of June 30, 2025, and facilitated $112 billion of gross merchandise volume in the last twelve months ended June 30, 2025.

The Davis Polk capital markets team includes partners Byron B. Rooney, Reuven B. Young and Daniel P. Gibbons, counsel Christopher Diel and associates Jakub P. Jozwiak and Raphaelle Desaleux. The U.K. corporate team includes counsel Simon Witty and associates Vivek Thanki and Daniel Lindars. Partner Adam Kaminsky and counsel Neil Sharpe are providing executive compensation advice. Partner David L. Portilla is providing financial institutions advice. Partner Pritesh P. Shah is providing intellectual property advice. Partner Kara L. Mungovan is providing U.S. tax advice. Partner Dominic Foulkes is providing U.K. tax advice. Members of the Davis Polk team are based in the New York, Washington DC and London offices.

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