Digital payment giant Klarna will launch its U.S. IPO, leading the "explosive" listing boom in September
Digital payment giant Klarna and several companies submitted IPO applications for the U.S. stock market in August, with six companies expected to kick off their listing roadshows next week, boosting market expectations for IPO activities in the coming months. Klarna updated its filing with the SEC on August 15, indicating its intention to advance its listing. Other companies such as Gemini Space Station Inc. and Figure Technology Solutions have also updated their listing documents and are expected to begin the listing process after the Labor Day holiday. If the six companies determine their IPO issuance prices in the second week of September, it will become one of the most active periods for IPO transactions since the end of 2021
According to Zhitong Finance APP, several companies led by Klarna Group submitted their IPO applications for the US stock market in August, laying the groundwork for six companies to start their US listing roadshows as early as next week, and raising market expectations for the US IPO market in the coming months.
The digital payment company updated its filing with the U.S. Securities and Exchange Commission (SEC) on August 15, incorporating its latest financial performance, signaling a clear move towards listing. According to previous reports in July, Klarna is ramping up preparations and plans to restart its previously suspended IPO plan as early as September.
In addition to Klarna, the cryptocurrency exchange Gemini Space Station Inc., led by billionaire Winklevoss brothers, and blockchain financial company Figure Technologies Inc. have also updated their listing documents. According to SEC regulations, companies must wait 15 days after their initial public filing before officially starting their roadshows, which means that companies like Gemini and Figure are expected to begin their listing processes after the Labor Day holiday.
Additionally, HVAC engineering contractor Legence Corp., supported by Blackstone Group, chain beverage brand Black Rock Coffee Bar Inc., and public transportation software company Via Transportation Inc. also submitted potential IPO applications in August.
Data compiled by Bloomberg shows that if these six companies confirm their IPO pricing in the second week of September, it will become one of the most concentrated periods for large IPO transactions since the IPO boom at the end of 2021. The data also indicates that the last time five U.S. companies raised over $100 million through IPOs in a single week was in January this year, when meat giant Smithfield Foods Inc. went public with a fundraising scale of $572 million, leading the IPO market that month.
Tight Listing Window
The number of potential IPO candidates in the U.S. remains high, and the tight listing window may force candidate companies to advance their listing plans. Bloomberg News reported that JP Morgan is currently servicing up to 30 companies that have either submitted IPO documents or are actively testing investor interest. Due to factors such as year-end holidays that may disrupt the listing rhythm, September and October have become the golden period for most companies to push forward with their IPOs.
Cybersecurity company Netskope Inc., e-commerce company Pattern Group Inc., and water infrastructure company WaterBridge Infrastructure Group, supported by Five Point Group, submitted their IPO applications last week, potentially starting their roadshows in the week of September 8; ticketing platform StubHub Holdings also updated its IPO documents this month
