Sweden’s tiny tech investor is proxy bet on Klarna

Flat Capital, a Swedish investment company majority owned by Sebastian Siemiatkowski, chief executive and co-founder of Klarna, on Sept. 29 filed for an initial public offering. The company will list on Stockholm’s Nasdaq First North Growth market.

The company will offer about 87 million shares at 10 Swedish crowns per share. It has the option of issuing a further 13.1 million shares, depending on demand. The IPO will value the company at between 269 million and 400 million Swedish crowns . Flat Capital’s current portfolio consists of 13 companies whose largest holdings are shares in Klarna, e-commerce logistics firm Budbee and communications company Truecaller. As of Sept. 29, the portfolio had a net asset value of 184 million Swedish crowns including net cash.

Flat Capital’s Klarna shares were worth 76 million Swedish crowns, accounting for 43% of the portfolio. Klarna, which specialises in offering buy-now-pay-later loans, was valued at $45.6 billion in June. Siemiatkowski owned 71.2% of Flat Capital before the offering, while his wife Nina owned 26.1%. None of the existing shareholders are selling shares in the IPO, and have agreed not to sell for 60 months after the offering. Siemiatkowski has pledged to buy any remaining shares which are not sold in the IPO.Shares in Flat Capital are expected to start trading on Oct. 20.Klarna CEO Sebastian Siemiatkowski is seen in Stockholm, Sweden, August 25, 2020.

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