Bending Spoons Eyes $1.62 Billion US IPO Following Major Acquisitions

Italian tech powerhouse Bending Spoons is preparing for a massive U.S. initial public offering, aiming to raise up to $1.62 billion. The move marks a significant milestone for European technology firms and signals a potential resurgence in the high-stakes software IPO market.

Massive Valuation and IPO Structure Details

According to sources familiar with the matter, the Milan-based company plans to market 58 million shares at a price range of $26 to $28 per share. If the offering hits the top end of this range, Bending Spoons will command a staggering valuation of $19 billion.

The IPO structure is designed to balance new capital with liquidity for existing backers. Approximately 60% of the shares are expected to be sold by the company itself, while the remaining 40% will be sold by existing shareholders, including prominent investor Baillie Gifford. The company is targeting an early-July debut on the Nasdaq Global Select Market, where it is expected to trade under the ticker symbol "BSP." Leading the offering are Wall Street giants Goldman Sachs Group, JPMorgan Chase, and Allen & Co.

A Rapidly Expanding Digital Portfolio

Founded in 2013, Bending Spoons has carved out a unique niche by acquiring and revitalizing established software businesses. Its portfolio has grown aggressively, most notably including the video platform Vimeo and the file-sharing giant WeTransfer.

The company's acquisition spree has intensified in 2024, with the recent addition of the iconic internet brand AOL and the ticketing marketplace Eventbrite. This strategy of "acquiring and revamping" has yielded significant financial results. In a recent SEC filing, the company reported a net income of $27.5 million on revenue of $601 million for the quarter ending March 31. This is a massive turnaround from the same period last year, when the company reported a net loss of $112.2 million on $259 million in revenue.

Testing the Appetite of a Recovering IPO Market

The Bending Spoons listing arrives at a crucial moment for the U.S. equity markets. After a prolonged period of stagnation, the IPO market is regaining momentum, bolstered by 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’ debut will also serve as a litmus test for investor sentiment toward software companies. As artificial intelligence reshapes traditional business models and intensifies global competition, investors are becoming increasingly selective about which software firms merit large-scale public listings.

Key Takeaways

  • Significant Valuation: Bending Spoons is targeting a $19 billion valuation through a $1.62 billion U.S. IPO slated for early July.
  • Strong Financial Turnaround: The company has successfully transitioned from a $112.2 million quarterly loss last year to a $27.5 million net income this year.
  • Aggressive Acquisition Strategy: With a portfolio including Vimeo, WeTransfer, AOL, and Eventbrite, the company is a dominant player in the software acquisition space.