The landmark IPO of Klarna provided a significant boost to Chrysalis Investments, reinforcing confidence in selected private growth assets.
Last week marked a major milestone for Chrysalis Investments, a holding within each of the T. Bailey Funds of Funds, as it benefited from Klarna’s landmark IPO on the New York Stock Exchange. Klarna, the Swedish fintech, debuted strongly in one of the year’s most high-profile listings.
Klarna’s shares we’re priced above the expected range at US$40 each, valuing the business at around US$15.2 billion. The IPO was in excess of 20 times oversubscribed, highlighting significant investor demand and confidence in Klarna’s future prospects. On the first day of trading, shares climbed to US$52 before closing at US$45.82 - a 15% premium to the offer price - making it the largest IPO of 2025 so far.
Chrysalis retained its full stake in Klarna through the IPO process, which represented over 15% of Chrysalis’s net asset value as of 30 June 2025, signalling confidence in Klarna’s growth trajectory. The position is currently subject to a six-month post-IPO lock-up, in line with other major shareholders.
Recent updates from Klarna indicate strong operating momentum, with latest quarterly revenues up 20% year-on-year hitting a new quarterly record and its active customer base growing to over 110 million users.
The successful IPO and Chrysalis’s continued exposure have positively impacted Chrysalis’s share price, which increased by 6% over the past week. Additionally, the transaction enhances Chrysalis’s liquidity, with approximately 30% of net asset value now held in cash or listed securities.
