Payments firm Klarna began the process of going public for a second time in three years despite a sharp drop in its valuation, making it the largest Swedish company to float its shares in the U.S. since Spotify's listing in 2018.

Klarna said the date of its IPO is subject to market conditions and an SEC review, and that it has not yet determined the price range.

(Reuters) -Swedish payments group Klarna said on Tuesday it had confidentially filed paperwork with the U.S. Securities and Exchange Commission for an initial public offering. The number of shares to be offered and the price range for the proposed IPO have not yet been determined,

The payments specialist filed registration documents with the SEC, but said the number of shares and the price range for the proposed offering haven’t yet been decided.

Swedish fintech company Klarna said it has filed for a long-anticipated initial public offering (IPO) in the U.S.