Key facts
- Bending Spoons priced its IPO at $29 per share, above its target range.
- The IPO raised $1.7 billion, with the company receiving $1 billion in proceeds.
- Bending Spoons shares surged nearly 40% on their Nasdaq debut, closing at $40.50.
- The company's market capitalization reached $25.7 billion.
- Bending Spoons owns brands including AOL, Eventbrite, Evernote, Meetup, and Vimeo.
Bending Spoons, the owner of legacy internet service AOL and video platform Vimeo, priced its initial public offering at $29 per share, above its target range, raising $1.7 billion. The company's shares surged nearly 40% on their Nasdaq debut, closing at $40.50 and valuing the 13-year-old Milan-based firm at $25.7 billion. This performance defies broader concerns about AI potentially displacing traditional SaaS businesses.
Bending Spoons employs a strategy of acquiring and revitalizing stagnating tech companies, including brands like Eventbrite, Evernote, and Meetup, often through cost-cutting and new feature launches, with a focus on subscription revenue. The company reported $601 million in revenue and $27.4 million in net income for the first quarter, a significant turnaround from the previous year. The IPO proceeds are intended for new acquisitions.
Before the offering, Baillie Gifford was Bending Spoons' largest outside shareholder. The company's name is inspired by a scene from the movie The Matrix.