Klarna and Figure Lead Five Companies in US IPO Roadshows
Five startups—Swedish fintech giant Klarna, blockchain lender Figure, crypto exchange Gemini, engineering services provider Legence and cafe chain Black Rock Coffee Bar—have kicked off their US IPO roadshows as the second-half market shows signs of warming. Klarna aims for a valuation up to $14 billion with 34.3 million shares priced at $35–$37 each. Figure targets a $4.1 billion valuation after raising $1.5 billion in venture and debt financing. Gemini plans to raise $316.7 million at a $2.2 billion market cap, having secured nearly $500 million in funding to date. Legence is seeking up to $2.95 billion in its public offering, while Black Rock Coffee Bar looks to raise $265 million by offering 14.7 million shares at $16–$18 apiece. The wave of IPO roadshows underscores renewed investor appetite for public offerings, particularly in fintech and blockchain sectors.
Neutral
These IPO roadshows signal a gradual reopening of public markets and demonstrate sustained investor interest in fintech and blockchain sectors. However, because these are equity offerings and not direct token sales, the immediate impact on crypto asset prices is limited. Historically, IPOs of crypto-related companies—such as Coinbase in 2021—garnered market attention but had mixed effects on trading volumes and asset volatility. In the short term, traders may see muted reactions in token markets amid broader market moves. Over the long term, successful public listings of crypto exchanges and blockchain firms could bolster mainstream adoption and regulatory clarity, potentially creating a more favorable environment for digital asset trading.