Bending Spoons Seeks $1.62 Billion US IPO Targeting $19 Billion Valuation

Milan-based tech powerhouse Bending Spoons is preparing for a massive U.S. initial public offering, aiming to raise as much as $1.62 billion. This high-stakes move signals a significant return to the public markets for major European software firms and a testing ground for investor appetite in the tech sector.

Massive Scale and Valuation Targets

According to sources familiar with the matter, Bending Spoons plans to market 58 million shares at a price range of $26 to $28 per share. At the top end of this valuation, the company would be valued at a staggering $19 billion. This represents a significant jump from its previous valuation of $11 billion following a $710 million funding round late last year.

The company is expected to file with the U.S. Securities and Exchange Commission (SEC) soon, with an anticipated debut on the Nasdaq Global Select Market under the ticker symbol "BSP." The IPO is targeted for an early-July launch. Approximately 60% of the offering will consist of new shares sold by the company, while the remaining 40% will be sold by existing shareholders, including prominent investor Baillie Gifford.

A Strategic Portfolio of Digital Giants

Founded in 2013, Bending Spoons has carved a unique niche in the technology landscape through its aggressive strategy of acquiring and revitalizing digital software businesses. Its growing portfolio includes globally recognized brands such as the video platform Vimeo and the file-sharing service WeTransfer.

The company's momentum has accelerated recently with the acquisition of the internet brand AOL and the ticketing marketplace Eventbrite earlier this year. This rapid expansion is backed by a significant financial turnaround; the company reported a net income of $27.5 million on revenue of $601 million for the quarter ending March 31. This is a stark contrast to the same period last year, when it reported a net loss of $112.2 million on revenue of $259 million.

Testing the U.S. IPO Momentum

The timing of the Bending Spoons IPO is critical, as the U.S. market for initial public offerings has regained significant momentum after a period of stagnation. The tech sector is seeing a resurgence, following high-profile listings like SpaceX and Cerebras Systems. According to Dealogic, companies have raised a combined $150 billion through 179 U.S. IPOs so far this year, marking the strongest start to a year since 2021.

However, Bending Spoons’ listing also serves as a litmus test for the software sector. With artificial intelligence rapidly reshaping business models and intensifying competition, investors will be closely watching to see if software-focused firms can command high valuations in this new era. The offering is being led by top-tier financial institutions, including Goldman Sachs Group, JPMorgan Chase, and Allen & Co.

Key Takeaways

  • Ambitious Valuation: Bending Spoons is seeking a $1.62 billion raise with a potential top-end valuation of $19 billion.
  • Rapid Growth & Turnaround: The company has transitioned from a $112.2 million net loss last year to a $27.5 million net income in the most recent quarter.
  • Market Significance: The Nasdaq-bound IPO (ticker: BSP) will test investor sentiment toward software companies in an AI-driven market.