Since US President Donald Trump announced additional sweeping tariffs on goods imported from abroad on 2 April 2025, the whole world has been in turmoil, with many regions responding to the move. Even if Trump believes that these tariffs could expand the US economy and encourage consumers to buy more American-made goods, leaders from around the world underlined that his initiative could lead to significant consequences for people globally. Also, according to the BBC, South Korean officials stated that the global trade war has now become a reality, while Canadian representatives highlighted the region’s plans to act with purpose and force. At the same time, worries about a trade war brought stocks down after Trump released the sweeping tariffs plan that could negatively impact the worldwide economy.
Considering the current situation and the high market volatility, many companies seeking a US IPO decided to delay their plans. Among them are Klarna and eToro, as well as Medline and StubHub, with all of them citing market instability as the reason for their choice.
According to sources familiar with the matter cited by Reuters, Klarna momentarily put a stop to its arrangements for the US IPO. The move could obscure the recovery of the US IPO market, as Klarna’s listing was considered a potential stimulus for supporting other companies to take a similar approach. However, as per the same sources, the Swedish fintech could re-examine its plans if market conditions become more stable and favourable. A research analyst from IPOX mentioned that this type of market uncertainty could lead any company, regardless of the sector it operates in, to pause its near-term IPO plans.
Furthermore, eToro, an Israel-based social trading-focused online broker, which filed for a US IPO at the beginning of February 2025, also postponed its preparations for the offering. As detailed by Bloomberg, the company aimed to start its investor roadshow in the upcoming period. However, with the recent tariffs and market instability, it has stalled it indefinitely.
At the time of writing, none of the aforementioned companies, including Klarna, eToro, Medline, and StubHub, commented on the matter.
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