Klarna (KLAR) Plunges Below IPO Price Amid Fintech Selloff: Bloomberg

Klarna Group Plc's stock price has dipped below its initial public offering (IPO) price for the first time since its market debut. The decline, reported by Bloomberg, follows the company's September 10th IPO, where Klarna and its backers raised approximately $1.58 billion in an offering that was significantly oversubscribed and priced above the initial marketed range. The digital payments firm's stock fell as much as 7.7%, reaching a low of $38.31, thereby falling below the $40 IPO price. Analysts attribute the stock's performance to heightened competition within the digital payments sector and growing investor concerns regarding future interest rate adjustments.