The Italian tech conglomerate's IPO defied a sluggish software market, raising $1.68 billion by selling investors on the art of buying faded internet brands and squeezing them back to life.
Bending Spoons climbed nearly 40% after its public market debut, pushing the software company’s valuation to $25.7 billion as investors backed its acquisition-driven growth strategy.
The company raised $1.68 billion in its IPO, with shares rising from the $29 offering price to close at $40.50, well above its previous private valuation.
Bending Spoons is an Italian technology company based in Milan that acquires and manages digital products with a long-term investment approach.
The company focuses on optimizing and expanding established software platforms, building a portfolio of well-known consumer internet brands including WeTransfer, Evernote, Vimeo, AOL, and Eventbrite.
The strategy has translated into stronger financial performance. The company reported $601 million in first-quarter revenue and over $27 million in profit after a loss in the same period last year.
Subscription services remain its primary source of revenue, while the IPO generated substantial gains for its founders and existing shareholders.
