Klarna’s Stock Just Dropped Below Its $40 IPO Price
Synopsis
The drop comes amid a broader decline in fintech company stocks, including that of Affirm Holdings and Jack Dorsey-backed Block Inc.
Shares of Klarna Group Plc. (KLAR) fell below their initial public offering (IPO) price of $40 for the first time on Friday.
Klarna’s stock fell more than 5% by midday trade on Friday, trading at around $39.37 at the time of writing, rebounding from a low of $38.31. The shares had rallied as high as $57 on the day of their debut, following the company's $1.37 billion raise through the IPO. The drop comes amid a broader decline in fintech companies. Affirm Holdings (AFRM) and Jack Dorsey-backed Block Inc. (XYZ) were down more than 2.5% each.
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