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<ul class="summary-list"><li>Buy-now, pay-later firm Klarna has filed draft registration documents for an IPO in the US.</li><li>The Swedish firm has not confirmed the price range and number of shares it will offer. </li></ul>Swedish fintech giant Klarna has filed documents for its highly anticipated initial public offering in the US.Klarna announced Tuesday that it confidentially submitted draft registration documents to the Securities and Exchange Commission.The buy-now, pay-later firm said it expects the IPO to take place once the SEC has completed its review, and the timing would be subject to market conditions. It added that the price range and number of shares it will offer have not yet been determined.Klarna, which offers short-term financing to customers online and in stores at checkout, raised $1 billion in March 2021. Three months later, it raised a further $639 million at a $45.6 billion valuation, making it Europe's most valuable startup at the time.That same year, Klarna looked to capitalize on its <a target="_blank" href="https://www.businessinsider.com/klarna-ceo-sebastian-siemiatkowski-interview-buy-now-pay-later-retail-2020-10">rapid growth in the US</a> as online shopping boomed during the pandemic. It started investing 10 times more in marketing in the US in 2021 compared with the two years prior, <a target="_blank" href="https://www.businessinsider.com/cmo-of-10-billion-startup-klarna-lays-out-marketing-strategy-2021-2">Business Insider previously reported</a>, spending $5.5 million alone on a 30-second Super Bowl advert.But its valuation fell to $6.7 billion in 2022 during a wider market downturn for startups. In February, Bloomberg reported that<a target="_blank" href="https://www.bloomberg.com/news/articles/2024-02-27/klarna-said-to-sound-out-banks-for-us-ipo-at-20-billion-value"> Klarna was in talks with banks to go public in the US</a> at a $20 billion valuation.Klarna's public listing plans follow a period of muted tech IPO activity. It also continues a trend of IPO "brain drain" from Europe to the US, said Navina Rajan, senior EMEA private capital analyst at PitchBook. "For Klarna more specifically, the choice falls in line with the company's focus on US expansion," Rajan added. "Furthermore, the less scrutiny on profitability for tech companies seen in the US may also help alleviate cost pressures caused by expansion. "That being said, profitability is something that they have been cited to be near to achieving, which falls in line with broader trends we're seeing in the nature of IPOs that are taking place." Klarna also appears to be seeking to expand beyond its core BNPL business. It recently <a target="_blank" href="https://www.businessinsider.com/klarna-stock-trading-robinhood-bnpl-app-ipo-2024-10">advertised four internal jobs to help build a product</a> that lets customers buy and sell stocks through its app.The company posted on an internal Slack channel last month, seen by BI, that it is hiring a team to build a tool resembling Robinhood's trading platform.A spokesperson for Klarna told BI at the time that it "continuously explores new product concepts" and that it "does not mean that such a product will eventually go to market."Do you work for Klarna? Got a tip? Contact the reporter, Jyoti Mann, via the encrypted messaging app Signal at jyotimann.11 or via email at <a target="_blank" href="mailto:jmann@businessinsider.com">jmann@businessinsider.com</a>. Reach out through a nonwork device.

Buy-now, pay-later giant Klarna files for IPO in the US

<ul class="summary-list"><li>After a two-year market slowdown, IPOs are rebounding and set to surge in 2025.</li><li>Morgan Stanley has partnered with cap-table firm Carta to reach founders before they get rich.</li></ul>After a two-year dealmaking drought, IPOs are mounting a <a target="_blank" href="https://www.businessinsider.com/wall-street-q3-investment-banking-boom-could-be-upended-2024-10">comeback</a>, enriching their founders and employees in the process. To land these desirable clients before their big windfall, Morgan Stanley has partnered with Carta, a platform for startups and investors to track company ownership, Business Insider has learned.Silicon Valley firms widely use Carta's financial software for tasks like issuing stock options and administering executive compensation. With this new partnership, Carta will refer clients looking to go public to Morgan Stanley at Work, a division that caters to businesses and their employees. Carta told BI it has nearly 2,000 clients that have raised up to a series C and are on the pathway to IPO. "The likelihood of the pipeline materializing is higher than it has been in a very long time," the bank's wealth boss, Jed Finn, said in an exclusive interview. He said investors have been waiting to cash out and favorable conditions are on the horizon, such as the future Trump administration cutting red tape for megamergers.Morgan Stanley uses workplace services like employee financial advice and executive compensation to get clients in the door while they're building wealth and hopefully convert them into fee-paying financial advisory customers. Over the past three years, the $6 trillion wealth business has added $250 billion in assets from individuals who started either as workplace or brokerage clients. This partnership is part of Morgan Stanley's effort to reach $10 trillion in client assets between the wealth arm and its smaller $1.6 trillion investment management unit.Since companies are staying private longer and growing larger before going public, their employees are more likely to need financial advice before and after a mammoth IPO, Finn said. Potential dilemmas include whether to put their shares in a trust or how to diversify their newfound wealth."We're uniquely situated to be able to address that complexity and to provide the advice these employees need as the companies embark on their next wave of growth," he said.<h2 id="acbbb492-dd88-44fa-85c7-3862302f80a4">How it works</h2>The referral deal fills gaps for Morgan Stanley and Carta. It gives the bank access to a broader customer base of private companies than its in-house stock planning administrator, Shareworks, and allows Carta customers to go public with less hassle. Carta stopped <a target="_blank" href="https://www.businessinsider.com/startup-unicorn-carta-eliminating-equity-software-public-companies-2023-3">managing employee equity for public companies</a> last year, but now customers can swiftly transport their data from Carta to Shareworks before they go public and stay on the platform after their IPO."This really works for making it easier for Carta clients to get that second part of their existence, the public part, in the hands of somebody who has the experience to deliver it," Finn said. "It takes a lot of the risk, the stress, the data security issues out of the process because we have a seamless and protected mechanism to make that transition."<div type="image" title="Headshot of Morgan Stanley wealth boss Jed Finn" height="744" width="1024" msid="115216958" hostid="261" sizebytes="18792"></div>Carta clients can access Morgan Stanley services before moving to Shareworks. For instance, clients considering going public can meet with a Morgan Stanley investment banker to walk through options.From there, companies can access the same offerings as other Shareworks customers, such as IPO prep and valuation services. After going public, they can tap Morgan Stanley for other services, including 401(k) management and financial reporting.Before and after the IPO, employees can get financial advice from Morgan Stanley. Advisors even visit company campuses to hold webinars and office hours. Ideally, these conversations lead to employees becoming wealth management clients, Finn said.<h2 id="a88b4676-48a0-4139-a4a0-72d1bbdd9d16">It has been a rocky year for Carta</h2>Finn had known Carta CEO Henry Ward since 2019 when the bank was looking to expand its stock management business. That year, Morgan Stanley bought a Carta competitor, Solium, now known as Shareworks. In 2021, the bank also acquired the cap table business of Silicon Valley law firm Wilson Sonsini.The partnership caps off a tough year for Carta, which was accused in January of <a target="_blank" href="https://www.businessinsider.com/carta-backlash-silicon-valley-startups-2024-1">misusing client information</a> to solicit startup investors to sell their shares without the client's consent. Ward said in a post on <a target="_blank" class="" href="https://henrysward.medium.com/how-we-handle-captable-information-c98d85d79277">Medium </a>that it was an isolated incident by a rogue employee, and Carta shuttered its <a target="_blank" href="https://www.businessinsider.com/carta-gives-up-dream-of-being-nasdaq-for-private-markets-2024-1">secondary trading business</a>.Finn declined to confirm whether Morgan Stanley considered buying Carta. "We regularly evaluate every company in the space we're thinking about," he said. "In this particular instance, we thought the partnership made the most sense since it addresses their needs, addresses our opportunity, and, importantly, it serves the clients most effectively."

Morgan Stanley partners with Carta to serve startup employees after lucrative IPOs

<ul><li><keyword id="20940216" type="General" weightage="20" keywordseo="Synology" source="keywords" meta.keywordsubtype="org" meta.entityname="Synology" meta.hostid="261" meta.entityid="Synology">Synology</keyword> has showcased its upcoming enterprise solutions in India.</li><li>The Taiwanese <keyword id="20653112" type="General" weightage="20" keywordseo="storage-solutions" source="keywords">storage solutions</keyword> provider has revealed its enterprise-level solution blueprint for India.</li><li>The company has announced new GenAI-powered features for its Office Suite.</li></ul> Taiwanese storage solutions provider Synology has launched its new enterprise-level solution blueprint in India at its Synology Solution showcase held in India. The announcement comes as the first enterprise application blueprint in India and is a significant part of the company’s expansion plans in India. Since 2021, the company has recorded a 600% growth in business sector revenue in India, contributing to a total revenue growth of 350%. The company showcased its latest offerings in data protection, storage, and surveillance, emphasizing solutions designed to address the growing demands of modern enterprises. <h2>Synology showcases new products</h2>The company showcased its upcoming products, including the ActiveProtect appliances, which were first<a href="https://www.businessinsider.in/tech/news/synology-introduces-new-products-aimed-at-data-protection-and-scalability/articleshow/110711086.cms"> announced</a> during the company’s Synology Solution Exhibition 2024. The ActiveProtect lineup includes dedicated backup systems that are optimised for rapid deployment and scalability. This backup solution is aimed at simplifying deployment and it can manage up to 2,500 multi-server environments across multiple sites. <div type="Article" hostid="261" msid="111748677" title="Synology bets big on the Indian market amid strong growth, growing demand" mstype="2" mssubtype="0"></div> “The ActiveProtect series focuses on data recovery and immutability, making it a reliable tool for IT professionals to ensure data security. Its multi-site friendly design aligns perfectly with India's business structure,” said Russell Chen, country manager, SAARC Region, Synology. The company also showcased its scale-out storage solutions and advanced surveillance solutions at the event. “Driven by the demand of technology trends, such as AI, IoT, digital transformation, and so on, Synology has performed exceptionally well in the Indian enterprise market, especially in sectors like government, manufacturing, and media and entertainment. Moving forward, we will continue to dedicate ourselves to meeting the modern storage needs of growing enterprises,” said Michael Chang, APAC sales head, Synology. The developing scale-out solution delivers scale-out storage, supporting both file and object storage and performance growth when adding additional storage servers. Synology also introduced its C2 Surveillance Station, which is a cloud-based video surveillance solution with edge AI and multi-layer encryption. The company is enhancing its <keyword id="19999884" type="General" weightage="20" keywordseo="AI-capabilities" source="keywords">AI capabilities</keyword> with the Synology AI Console, integrating GenAI into the Office Suite. According to the company, this will allow organisations to use the latest large language models (LLMs) while maintaining strict control over data privacy and security. SEE ALSO: <a href="https://www.businessinsider.in/tech/apps/news/diwali-gift-zomato-platform-fee-increased-to-rs-10-ahead-of-the-festive-season/articleshow/114493617.cms">Diwali gift from Zomato – Platform fee increased to ₹10 ahead of the festive season</a> <a href="https://www.businessinsider.in/stock-market/webstories/afcons-infrastructure-ipo-gmp-risk-factors-and-all-you-need-to-know/slidelist/114490954.cms">Afcons Infrastructure IPO – GMP, risk factors and all you need to know</a> <a href="https://www.businessinsider.in/tech/mobile/news/snapdragon-8-elite-announced-to-power-iqoo-13-oneplus-13-xiaomi-15-series-and-more/articleshow/114463844.cms">Snapdragon 8 Elite announced, to power iQOO 13, OnePlus 13, Xiaomi 15 series and more</a>

Synology introduces new enterprise solutions, reports significant growth in India

<ul class="summary-list"><li><a target="_blank" href="https://www.businessinsider.com/reddit-ipo-valuation-price-range-sec-wallstreetbets-meme-stocks-2021-2024-3">Reddit's upcoming public offering</a> could value the company at $6.4 billion.</li><li>Advance, the parent company of Condé Nast, owns about a third of Reddit</li></ul>It's easy to write gloomy stories about the state of the media business. The media business is often pretty gloomy!So let's try to break the mold with an upbeat take. This one is about a very Old World Media Company that has struck gold in digital media — one of the very few times that has ever happened.Here goes: When <a target="_blank" href="https://www.businessinsider.com/reddit-ipo-shares-loyal-users-ai-steve-huffman-sam-altman-2024-2">Reddit goes public</a> this week, it will ask investors to value it at $6.4 billion. And if that happens, one of the chief beneficiaries will be Advance, the privately held company that owns magazine giant Condé Nast — the people who bring you titles like Vogue and The New Yorker. Advance, which isn't selling any shares in the offering, will end up owning 26.5% of <a target="_blank" href="https://www.businessinsider.com/reddit-ipo-redditors-stock-wallstreetbets-meme-2024-2">Reddit after the IPO</a>.So if the pricing pans out the way <a target="_blank" href="https://www.businessinsider.com/why-reddit-loses-money-ipo-research-development-revenue-2024-2024-2">Reddit</a> and its bankers are hoping, Advance's stake will be worth $1.7 billion — and even more if the stock "pops," as Wall Street still expects out of public offerings.Even better for Advance: That $1.7 billion was generated by an initial investment of around $10 million, which is what it paid to buy Reddit back in 2006.That's an amazing return! And one that's very welcome at Advance — which, like many other traditional media companies, has been dealing with <a target="_blank" href="https://www.axios.com/2023/11/01/conde-nast-to-lay-off-5-of-staff">long-term systemic challenges</a>. And even more impressive when you compare it to the track record of other Big Media companies who have bought or invested in digital properties, and almost always live to regret it.A very incomplete list of those: News Corp.'s purchase of MySpace; Disney's acquisitions of gaming company Club Penguin and YouTube network Maker Studios; the hundreds of millions that Disney, Fox, Time Warner, and Comcast/NBC put into digital media startups like BuzzFeed, Vice, Vox Media, and others during the Facebook boom of the last decade. Almost all of those deals ended up as write-offs and shut-downs. (Vox Media, my previous employer, is still motoring along — but at half the valuation it was at its peak.)(While we're in disclosure mode, I should note that Business Insider itself is a digital media company acquired by German media conglomerate <a target="_blank" href="https://www.businessinsider.com/business-insider-sale-to-axel-springer-2015-11">Axel Springer</a> in 2015. And we're still around.)<a target="_blank" href="https://www.businessinsider.com/reddit-survival-2012-9">Reddit's success</a> has been anything but an up-and-to-the-right line, and if you want to know more about the ups and downs of the company there are <a target="_blank" href="https://www.wired.com/story/inside-reddit-protest-ipo/">plenty</a> of <a target="_blank" href="https://www.nytimes.com/2024/03/13/technology/reddit-public-offering-stock-market.html">places</a> to learn more.And while we're at it, it's worth noting that Advance's success comes with some caveats as well: In 2021, for instance, it invested an additional $26 million in Reddit in a funding round that valued the company at a reported $10 billion. So for the moment, those shares are underwater.But it appears that the most important thing Advance's managers did at Reddit, other than buying it, was spinning it out as a stand-alone company in 2011.That did at least two things: It meant that when Reddit was undergoing one of its many controversies and challenges, very few people wondered about the connection between the site and the publisher behind publications like Vogue and The New Yorker. And it meant that Reddit could succeed, or stumble, without much meddling from its owners.Maybe a worthwhile playbook the next time — and there will be a next time — a big media company opens its wallet for a digital upstart again.

Why the big winner in the Reddit IPO is ... a magazine publisher

<ul class="summary-list"><li>Jefferies hosted a conference to bring together late-stage tech founders, investors and bankers.</li><li>At the conference, there was talk of IPOs and M&amp;A being back.</li></ul>As bankers and venture capitalists nibbled on caviar sushi and sipped champagne and sake this week at Nobu Malibu, there was a gleeful mood at the beachside closing dinner of the Jefferies Private Internet Conference.IPOs and M&amp;As are finally back, and on top of that, there is an exciting new catalyst for rising tech valuations — generative AI."We surveyed a lot of the 140 entrepreneurs that are coming here and found 'IPO' is not a dirty word anymore," said Cameron Lester, Co-Head of Technology, Media and Telecom Investment Banking at Jefferies. "People are thinking maybe they will go public."After a Covid pause, Jefferies resumed this conference in 2022 to bring together late-stage tech founders, investors, and bankers. But there was not much to talk about in the way of actual deals. Now the logjam is finally breaking."We're as busy today as we were in 2021," said Jason Greenberg, Co-Head of Global Technology, Media, and Telecom Investment Banking at Jefferies."We ultimately succeed and get paid on the success of deals happening and closing. I don't think as many deals we're on today will turn into announced deals in 2024 or early 2025 compared to 2021. But even if they don't close at the same rate, you're going to see a market that was down 60% peak to trough recover a lot."AI is driving many of those deals, according to Greenberg; The theme of this year's conference was "In the Age of AI.""Beyond typical deal considerations, AI has emerged as the single biggest new influence today in tech M&amp;A," according to Greenberg.Reports that Salesforce <a target="_blank" href="https://markets.businessinsider.com/news/stocks/salesforce-s-strategic-and-financially-sound-acquisition-of-informatica-backed-by-analyst-s-buy-rating-1033255009">is in talks</a> to buy the $10 billion data management software firm Informatica is another sign dealmaking is back (though some people at the conference were skeptical the deal would ultimately go through).This week, there was also promising news that Goldman Sachs reported its investment banking division saw fees rise 32% in the first quarter thanks to strong underwriting and advisory work growth."It's clear that we're in the early stages of a reopening of the capital markets," said David Solomon, the bank's chairman and CEO, told investors.Reddit went public in March, though the stock is down from its opening price. <a target="_blank" href="https://www.businessinsider.com/the-11-startups-most-likely-to-ipo-in-2024-2024-3#epic-games-2">Other companies in the IPO pipeline include Databricks. Epic Games, and Getir.</a><div type="image" title="Marc Andreessen speaks at the Jefferies Private Internet Conference 2024" height="1391" width="2048" msid="109431736" hostid="261"></div>Aside from the lavish Nobu dinner, attendees at Jefferies also heard from Andreessen Horowitz cofounder Marc Andreessen and Anthropic's head of business development, Neerav Kingsland.Jefferies has significantly bulked up its tech investing division to better compete against more established players like Goldman and JP Morgan Chase."In the last 18 months, we've increased the number of MDs [managing directors] in our investment bank by 70%, which is kind of crazy given what's happened to our industry in terms of the decline over the past couple of years," Lester said.Now that deals are finally happening again, Lester is hoping the investment pays off."People don't typically choose a banker in a 30-day period," Lester said. "They choose it based on relationships built over a couple of years."

Caviar, champagne, and IPOs: At the Jefferies Private Internet Conference, tech dealmaking was back

<ul class="summary-list"><li>Fast-fashion giant Shein is considering moving its IPO from New York to London.</li><li>The company prefers to list in the US, but is anticipating the SEC will not approve its application.</li></ul><a target="_blank" href="https://www.businessinsider.com/what-is-shein-billion-dollar-fast-fashion-company-explained-2023-7#shein-has-filed-to-go-public-aiming-for-a-90-billion-valuation-17">Fast-fashion brand Shein</a> may move its initial public offering, or IPO, from New York to London, <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-02-26/shein-considering-london-ipo-amid-us-resistance-to-listing?srnd=phoenix-asia">Bloomberg</a> reported on Tuesday.The retailer, which was founded in China but is now based in Singapore, confidentially filed to go public last year. It was seeking a valuation of $80 billion to $90 billion, <a target="_blank" href="https://www.bloomberg.com/news/articles/2023-11-27/fashion-retailer-shein-is-said-to-file-confidentially-for-us-ipo">Bloomberg</a> reported at the time.Shein — which is known for its super-fast turnover of trendy items at rock-bottom prices — still prefers to list in the US, but is considering listing in London as it thinks the US Securities and Exchange Commission will not approve its IPO, Bloomberg reported, citing people with knowledge of the application.It's also considering Hong Kong or Singapore as potential IPO locations, according to the media outlet.Shein's IPO could be a huge one. If the retailer is valued at $90 billion, it would be able to raise $9 billion even if just 10% of its shares go public. This would put it just behind Porsche's $9.1 billion IPO in 2021, per <a target="_blank" rel="noopener noreferrer" class="c-link" href="https://www.bloomberg.com/news/articles/2023-11-28/shein-s-ipo-plan-to-fuel-scrutiny-over-cotton-roots-in-china">Bloomberg records.</a>However, Shein faces challenges in its plans to go public in the US.US lawmakers have lobbied to delay Shein's public offering until they can verify there's no forced labor in its supply chain. Shein has <a target="_blank" rel="noopener nofollow" href="https://www.reuters.com/business/retail-consumer/china-e-commerce-shipments-would-lose-us-tariff-exemption-under-proposed-law-2023-06-14/">repeatedly said</a> it does not use manufacturers in <a target="_blank" href="https://www.businessinsider.com/congress-passes-ban-on-all-imports-from-chinas-xinjiang-2021-12">Xinjiang,</a> where there are concerns over human rights abuses.Republican senator Marc Rubio has also urged the SEC to press Shein to make additional disclosures about its operations and ties to the Chinese Communist Party.Shein did not immediately respond to a request for comment from Business Insider.

Shein is considering moving its massive IPO from New York to London amid scrutiny over its supply chains and ties to China

<ul class="summary-list"><li>2023 was expected to be the year of the return of the tech IPO.</li><li>However, few startups went public, and multiple companies delayed their public offerings.</li></ul>2023 was projected to be the <a target="_blank" href="https://www.businessinsider.com/instacart-klaviyo-profitable-lead-tech-ipo-revival-2023-8">return of the tech IPO</a> as startups began returning to the stock market after years of pandemic-era volatility.But while companies including Instacart and Klaviyo filed to go public this year, their <a target="_blank" href="https://www.businessinsider.com/understanding-instacarts-ipo-flop-grocery-business-hard-2023-9">lukewarm debuts</a> dashed investors' dreams that 2023 would see the IPO boom they had hoped for.Business Insider previously reported that some <a target="_blank" href="https://www.businessinsider.com/2024-tech-trends-predictions-top-vcs">venture capitalists</a> remain skeptical about whether 2024 will bring a stable enough market to springboard the launches of new tech IPOs. However, others in the financial space think the Fed's promised rate cuts and a weak M&amp;A market will create the perfect circumstances for companies that have pushed off their IPOs to go public next year."The outlook is merry and bright for the 2024 IPO market," Lise Buyer, founder of the IPO consultancy Class V Group, told <a target="_blank" href="https://www.barrons.com/articles/tech-ipo-outlook-2024-d6a4b40b">Barron's</a>.Buyer told the outlet that some venture-backed companies, strapped for cash, may view an IPO as "an increasingly appealing option" and that "renewed, albeit meaningfully slower growth, coupled with last year's expense rationalization/control leaves many with a genuine path to believable profitability."Here are five much-anticipated IPOs that could finally be ready to debut next year:<h2>Discord</h2>The social messaging platform has been the subject of IPO rumors since the end of 2021 when the company reportedly turned down a <a target="_blank" href="https://markets.businessinsider.com/news/stocks/7-potential-ipos-in-2022-discord-opensea-impossible-foods-and-more-1031069950">$10 billion buyout offer</a> from Microsoft. Discord, widely expected to launch its IPO this year, was valued at $15 billion in a 2021 funding round — though it remains unclear if the company would hit that valuation in a potential 2024 IPO, given market fluctuations.<h2>Reddit</h2>Reddit began making preparations to go public early last year. Business Insider previously reported the social media company hoped to debut its IPO at a <a target="_blank" href="https://www.businessinsider.com/reddit-openai-chatgpt-ipo-valuation-karma-2023-6">$15 billion valuation</a>. Still, market volatility caused the company to push back the public launch. According to <a target="_blank" rel=" nofollow" href="https://www.bloomberg.com/news/articles/2023-11-27/reddit-leads-class-of-2024-us-ipo-candidates-testing-the-water">Bloomberg</a>, the company is now eyeing a first-quarter IPO in 2024 and courting potential investors like Goldman Sachs and Morgan Stanley.<h2>Chime</h2>According to <a target="_blank" href="https://www.reuters.com/business/exclusive-chime-lines-up-goldman-sachs-blockbuster-ipo-sources-2022-01-21/#:~:text=The%20financial%20technology%20startup%20will,valuation%20of%20nearly%20%2440%20billion.">Reuters</a>, Chime, the digital, fee-free banking company valued at $25 billion in a 2021 funding round, hired Goldman Sachs in 2022 to advise on an IPO. The digital bank denied it had immediate plans for a public debut but may have been simply waiting out the frozen market.<h2>Stripe</h2>In January of this year, The Wall Street Journal reported that fintech startup Stripe publicly <a target="_blank" href="https://www.wsj.com/articles/stripe-sets-one-year-timetable-to-decide-on-going-public-11674749304">announced a one-year timetable</a> to decide whether to go public — and we're coming up on the deadline. The company, valued in 2021 at $95 billion, raised $6.5 billion in March of this year with a lower, though not insignificant, valuation of $50 billion.<h2>Klarna</h2>Klarna is "pretty much ready" for an IPO, <a target="_blank" href="https://www.cnbc.com/video/2023/11/12/klarna-is-pretty-much-ready-for-an-ipo-ceo-says.html">CNBC</a> reported CEO Sebastian Siemiatkowski said last month after recording the company's first profitable quarter since 2019. Though the buy-now, pay-later firm's valuation plummeted from $45.6 billion to $6.7 billion in 2022, Business Insider reported Siemiatkowski said he was <a target="_blank" href="https://www.businessinsider.com/klarna-ceo-on-profitability-ipo-and-us-market-push-2022-12">waiting for a "sane market"</a> before launching a public offering.

5 tech IPOs to watch for in 2024

<ul class="summary-list"><li>Goldman Sachs CEO David Solomon on Wednesday commented on Donald Trump's election victory</li><li>In a memo to staff, he said that the bank looks forward to working with Trump on "sound policies."</li></ul>Goldman Sachs CEO David Solomon spoke out Wednesday on <a target="_blank" class="" href="https://www.businessinsider.com/donald-trump-election-victory-impact-investments-costs-housing-taxes-childcare-2024-11">the election of Donald Trump</a> as the 47th president of the United States.In a memo to the firm's workforce, Solomon congratulated Trump, who defeated Vice President Kamala Harris in a decisive victory. He said the firm was looking "forward to working with the new administration in support of sound policies that enhance economic growth and financial stability." Solomon said that the new administration's policy positions could be "potentially important to our business and clients." Indeed, <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/bank-stocks-donald-trump-victory-reelection-wall-street-outlook-regulation-2024-11">bank stocks soared on Wednesday</a> on expectations that Trump's policies will boost the sector. Wells Fargo stock analyst Mike Mayo called Trump's victory a "regulatory game changer" for the industry. Mayo also expects a Trump administration to boost dealmaking, including M&amp;A and IPOs — potentially to record levels. "More free markets imply that investment banking revenues have a chance at exceeding 2021 levels over the next few years," Mayo said in a Wednesday research note. He added: "The idea of a capital markets super-cycle seems possible." The biggest beneficiary of a dealmaking boom, Mayo said, would be Goldman Sachs. Read Solomon's full memo to employees on Wednesday following Trump's win.November 6, 2024Message on US ElectionThe 2024 Presidential election in the United States has been decided. I know that people on both sides have strong opinions and emotions about the outcome. I strongly believe we should respect – and seek to understand – our differences. It's important to remind ourselves that "united" is the first word of the United States. Our shared commitment to the ideals of freedom and opportunity will always be more powerful than what divides us.Closer to Goldman Sachs, it's clear that a new administration will bring policy changes potentially important to our business and clients. This year has also seen a number of elections around the world, with changes in administrations or policy focus across several countries. Globally, we are deeply committed to our strategy, where we continue to make progress in growing our leading Global Banking &amp; Markets and Asset &amp; Wealth Management franchises.Our job remains the same: to continue to be laser focused on serving our clients with excellence, remaining vigilant and managing risk effectively, and protecting our unique culture. That focus and professionalism is not affected by political winds.I congratulate President Trump and we look forward to working with the new administration in support of sound policies that enhance economic growth and financial stability.DavidThis post is breaking and will be updated with additional details.Are you a Wall Street insider? How is your firm reacting to the election of Donald Trump? Get in touch with this reporter. Reed Alexander can be reached via email at ralexander@businessinsider.com, or SMS/the encrypted app Signal at (561) 247-5758.

Goldman CEO Solomon reacts to Trump's win, vows to work with the new administration 'in support of sound policies'

<ul><li>The public debut of Ibotta has minted more than 150 millionaires, according to CEO Bryan Leach.</li><li>Ibotta is based in Denver, Colorado and offers consumers an AI-driven cash back rewards app.</li><li>"By my calculations, I believe there'll be over 150 people who make at least a million dollars on this IPO," Leach said.</li></ul>The successful IPO debut of Ibotta has freshly minted more than 150 millionaires, according to CEO Bryan Leach."By my calculations, I believe there'll be over 150 people who make at least a million dollars on this IPO. Many of them are in Denver," Leach said to the <a href="https://coloradosun.com/2024/04/18/colorados-startup-community-ibotta-app-ipo/" target="_blank" rel="noopener">Colorado Sun.</a>The new millionaires have benefited from an employee stock incentive and stock options plan that has been in place since the company's founding in 2011. According to the company's S-1 filing made with the SEC, it authorized just over 14 million shares in its 2011 equity incentive plan across stock, options, and restrictive shares. At current prices, the shares related to that plan is worth a cumulative $1.5 billion.Ibotta went public at an IPO price of $88 per share, helping it raise $577 million in funds. That's above the company's initial IPO price range of $76 to $84.In its initial trading, Ibotta stock opened at $117.59 per share, representing a gain of 34% and lending it a valuation of more than $3.5 billion.Ibotta is a digital marketing company that offers digital coupons through its smartphone app.The company offers consumers cash-back rewards when they spend money at certain retailers. Ibotta charges retail companies to offer digital coupons on their app. The company has more than 50 million registered users, according to <a href="https://www.sec.gov/Archives/edgar/data/1538379/000162828024012708/ibottas-1.htm" target="_blank" rel="noopener">its S-1 filing.</a>Walmart inked a strategic partnership deal with Ibotta in 2021 and is an investor in the company. Ibotta has been profitable for nearly two full years and Leach said he was initially considering an IPO in 2021, but didn't want his company to be lumped in with all of the unprofitable SPAC companies. Ibotta trades on the Nasdaq exchange under the ticker symbol "IBTA."

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