Hecla Mining (HL) +7.8% on S&P SmallCap 600 Addition

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Hecla Mining jumped 7.76% in a single day after announcing it will join the S&P SmallCap 600 Index, effective September 22. Index inclusion often sparks institutional buying as funds benchmarked to the index adjust holdings, providing a tailwind for shares of the silver and gold producer.

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Klarna (KLAR) +15% on $1.37B IPO Debut

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Klarna jumped 15% in its New York debut, closing at $45.82 after pricing at $40. The $1.37B offering gave the Swedish fintech a $17B market value, one of the year’s largest IPOs. Shares briefly spiked 43% as demand ran hot despite Klarna’s steep reset from its $45.6B peak in 2021.
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The firm, once defined by buy-now-pay-later, is repositioning as a full-service bank with savings, checking, and credit cards. First-half 2025 revenue rose to $1.52B, but net losses widened to $153M as provisions for credit risk grew. Management highlighted growing traction in its “fair financing” loans, now 2% of volume and expanding.
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Takeaway: Klarna’s deal shows investor appetite for IPOs is returning. U.S. listings have raised $25.7B YTD, already topping the $20.4B raised in the same period last year, though valuations remain well below pandemic-era highs.

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IPO Market: Retail Traders Join the Surge

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Six IPOs raised over $4B last week, the busiest stretch since 2021. Klarna led with its $1.37B raise, followed by Figure Technology Solutions and Gemini Space Station, while Legence Corp. and Via Transportation posted steadier gains.
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Retail investors played a major role. Bullish sold 20% of its $1.1B IPO to individuals through Robinhood, SoFi, and Webull, fueling a 143% opening pop. Robinhood said demand for IPOs on its platform is five times higher than last year, with issuers now actively reserving shares for retail to drive demand and build loyalty.
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The median IPO opened 31% above its offer price — strong, but without the extreme spikes seen in 2020–21. With StubHub and Netskope set to raise another $2.5B this week, deal flow is accelerating.

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