Klarnas Wall Street debut has turned heads, with the Swedish buy-now-pay-later giant valued at $18.9 billion after pricing its IPO at $40 a share. Trading under the ticker KLAR, the stock signaled gains of up to 25% on its first day,

In recent months, Figma and Circle Internet Group Inc. both saw their stocks pop in their trading debuts in a sign of strong appetite for IPOs, and also a sign that underwriters left money on the table. Those stocks have come down from their highs, however.