Key facts
- Bending Spoons, an Italian technology company, is seeking to raise up to $1.62 billion in a U.S. IPO.
- The company plans to offer 58 million shares at a price range of $26 to $28 per share.
- Existing shareholders, including Baillie Gifford, are set to sell a portion of their holdings.
- The IPO could value Bending Spoons at $19 billion at the top end of the price range.
- The company targets an early July debut on the Nasdaq under the ticker symbol "BSP."
- Bending Spoons reported a net income of $27.5 million on revenue of $601 million for the first quarter of 2024.
Bending Spoons, an Italian technology firm that acquires and revitalizes software businesses, is planning a U.S. initial public offering (IPO) with the aim of raising as much as $1.62 billion. This offering would mark one of the largest IPOs by a European company this year and a significant listing for a major software firm.
The Milan-based company intends to offer 58 million shares priced between $26 and $28 each. Approximately 60% of these shares will be sold by Bending Spoons, while the remaining 40% will come from existing shareholders, including investment firm Baillie Gifford. At the upper end of the price range, the company's valuation would reach $19 billion. Bending Spoons is targeting an early July debut on the Nasdaq Global Select Market under the ticker symbol "BSP."
Founded in 2013, Bending Spoons' portfolio includes well-known digital businesses such as the video platform Vimeo and file-sharing service WeTransfer. The company also recently acquired internet brand AOL and ticketing marketplace Eventbrite. For the three months ending March 31, Bending Spoons reported a net income of $27.5 million on revenue of $601 million, a significant improvement from a net loss of $112.2 million on revenue of $259 million in the same period last year.
The planned IPO occurs as the U.S. IPO market shows renewed strength, following a prolonged slowdown. Recent high-profile technology listings, such as SpaceX's record-breaking debut and Cerebras Systems' earlier offering, indicate a pickup in activity. Year-to-date, companies have raised a combined $150 billion through 179 U.S. IPOs, representing the strongest start to a year since 2021. Bending Spoons' listing will also serve as a test of investor interest in software companies, a sector that has seen fewer large IPOs recently due to the transformative impact of artificial intelligence and increased competition.