MW Klarna leads busiest week for big IPOs in four years. Will newly public stocks stay hot?

By Steve Gelsi

Buy-now-pay-later company Klarna is the largest of six companies going public, plus StubHub and Netskope launch IPO roadshows

The buy-now-pay-later service Klarna leads a field of six deals on deck.

A long-awaited initial public offering from buy-now-pay-later company Klarna Group PLC leads one of the busiest weeks for initial public offerings in years as dealmakers bet that recent investor demand for newly issued stocks will stay strong.

And ticket vendor StubHub Holdings Inc. and cybersecurity software company Netskope Inc. have also started preparing for their public debuts, as estimated price ranges have been set for their IPOs.

Although there remains a lot of uncertainty over how the Trump administration's trade and other economic policies will affect the financial markets and the economy, the prospect of lower interest rates, with the stock market hovering around record highs, has fueled interest in new issues, especially those from more established companies.

That's why Louis Lehot, a partner at the law firm Foley & Lardner LLP, said the IPO market has been encouraging executives to consider going public after showing clear signs of "selective" strength.

"From my perspective as a Silicon Valley lawyer, we are seeing many clients and prominent private technology companies rushing to prepare for a potential IPO market window in late 2025 and early 2026," Lehot said in an email to MarketWatch. "The combination of improving market conditions, strong aftermarket performance, and sector-specific tailwinds suggests that well-prepared companies with compelling growth stories may find receptive audiences."

'If all goes according to plan, this will be the busiest week for sizable IPOs since 2021.'Matthew Kennedy, Renaissance Capital

While smaller IPOs of $100 million will also debut, this week's list of larger IPOs follows a trend in which companies have been staying private for longer, with more private-market funding available than in past decades.

By the time these companies opt to go public, they've grown more established and are able to raise larger amounts of money, and investors are more comfortable investing in them.

Topped by the $1.24 billion in expected proceeds for Klarna's $(KLAR)$ IPO scheduled to be priced on Tuesday with a trading debut on Wednesday, underwriters at Wall Street's largest investment banks plan to float six IPOs with $250 million or more in proceeds, including a wave of four closing out the week on Friday.

The IPOs include a $500 million stock sale by stablecoin issuer Figure Technology Solutions $(FIGR)$ for pricing late Wednesday and trading on Thursday, followed by Friday's scheduled IPO quartet: heating and ventilation company Legence Corp. (LGN) ($702 million in IPO proceeds), traffic-management company Via Transportation Inc. $(VIA)$ ($450 million), cryptocurrency exchange Gemini Space Station Inc. $(GEMI)$ ($300 million) and coffee chain Black Rock Coffee Bar Inc. $(BRCB)$ ($250 million).

"If all goes according to plan, this will be the busiest week for sizable IPOs since 2021," said Matthew Kennedy, an analyst at Renaissance Capital. "I believe it's likely we'll see all four trade on Friday. They're launching into a period of robust demand for IPOs."

After a recent IPO-market peak in 2021, investors had grown less receptive to stock-market newcomers as interest rates rose.

But the window for new issues reopened in May of this year, with an IPO from brokerage firm eToro Inc. $(ETOR)$ and robust activity continued for most of the summer, with hot IPOs from Bullish (BLSH), Figma Inc. $(FIG)$, Circle internet Group Inc. (CRCL) and Firefly Aerospace Inc. (FLY).

Also read: Bullish's stock is still rallying, as the IPO market refuses to take a summer break this year

The Renaissance IPO ETF IPO - a widely used benchmark for the IPO market - is up about 17.8% this year, ahead of the 13.2% rise of the Nasdaq.

To be sure, the IPO window could start closing if the stock market takes another swoon like it did in April on the heels of President Donald Trump's tariff launch.

The weak August U.S. employment report has in recent days opened up discussion over the potential for more drastic interest-rate cuts by the Federal Reserve, which could also fuel interest in equities if the economy picks up steam.

Enthusiasm around digital currencies, aerospace, artificial intelligence and deregulation among figures in the Trump administration has also provided some tailwinds for IPOs.

Klarna to go public after a long wait

Klarna had been an IPO contender back in 2021 when its private-market valuation climbed to nearly $46 billion.

Those plans were shelved as enthusiasm for financial technology companies started to fade and the stock prices of SoFi Technologies Inc. (SOFI) and other publicly traded fintechs fell back sharply,

Now, four years later, Klarna is part of a crop of more seasoned fintech companies to go public such as stablecoin issuer Circle internet Group.

Also read: Klarna seeks $14 billion IPO valuation as it takes on the big banks. But can it turn a profit?

Klarna plans to offer 34.31 million shares at an estimated price range of $35 to $37 a share via lead underwriters Goldman Sachs, J.P. Morgan and Morgan Stanley.

Including all outstanding shares, Klarna's market capitalization is set to check in at about $14 billion, far below its private-market valuation of nearly $46 billion at the height of fintech enthusiasm in late 2021.

The IPO is expected to price late Tuesday, according to IPOScoop.com.

Figure Tech IPO tips the scales at $702 million

Figure Tech, a specialist in blockchain, plans to offer 26.3 million shares at an estimated price range of $18 to $20 with lead underwriters Goldman Sachs, Jefferies and BofA Securities.

The IPO is expected to price on Wednesday followed by a secondary-market trading debut on Thursday.

At the midpoint of the range, the company will raise about $500 million.

With 210.42 million shares outstanding after it goes public, Figure Technology will have a market capitalization of about $4 billion if it prices at $19 a share, the midpoint of its estimated pricing range.

Blackstone-backed Legence aims to raise more than $700 million

Legence, a specialist in heating, ventilation and air conditioning for data centers and other buildings, plans to offer 26 million shares at an estimated price range of $25 to $29 a share.

At the midpoint of the range, San Jose, Calif.-based Legence will raise $702 million with lead underwriters Goldman Sachs and Jefferies.

Blackstone acquired Therma Holdings LLC for an undisclosed sum in 2020 and renamed the company Legence in 2022.

With 103.65 million shares of Class A and Class B stock outstanding after it goes public, Legence will have a market capitalization of about $2.8 billion if it prices at $27 a share, the midpoint of its estimated price range.

Winklevoss twins back IPO from Gemini Space station

Gemini Space Station plans to offer 16.7 million shares at an estimated price range of $17 to $19 a share.

At the midpoint of the range, the New York-based global digital asset exchange and custodian will raise $300 million with lead underwriters Goldman Sachs, Citi and Morgan Stanley.

The company was founded in 2014 by twins Tyler Winklevoss and Cameron Winklevoss, who were early investors in Facebook, which has since been rebranded as Meta Platforms Inc. (META).

Gemini Space Station plans to have 119.06 million shares of common stock outstanding when it goes public. That'll give it a market capitalization of about $2.1 billion if it prices at the midpoint of its estimated price range.

Black Rock Coffee a rare IPO market entry from the consumer sector

The IPO from Black Rock Coffee marks a relatively rare entry from the retail food sector.

Black Rock Coffee plans to offer 14.7 million shares of stock at an estimated price range of $16 to $18 a share.

At the midpoint of the range, the Scottsdale, Ariz.-based company will raise $250 million with lead underwriters J.P. Morgan, Jefferies and Morgan Stanley.

Founded in 2008 in Beaverton, Ore., Black Rock Coffee now operates at 158 locations in seven states including the Pacific Northwest and Texas.

With 48.19 million of Class A, Class B, and Class C common stock to be outstanding after the company goes public, Black Rock Coffee will have a market capitalization of about $819 million after it goes public at an IPO price of $17 a share, the midpoint of its estimated price range.

Via Transportation readies IPO

Via Transportation, a New York-based maker of software for transportation-system management, plans to offer 10.7 million shares of stock at an estimated price range of $40 to $44 a share.

At the midpoint of the range, Via will raise $450 million with lead underwriters Goldman Sachs, Morgan Stanley, Allen & Co. and Wells Fargo Securities.

With 81.12 million shares outstanding after it goes public, Via will have a market capitalization of $3.3 billion if its IPO prices at the midpoint of its estimated range.

-Steve Gelsi

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September 08, 2025 12:35 ET (16:35 GMT)

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