Bending Spoons, a Milan-based software acquisition and management company, held its initial public offering on Wednesday, pricing shares at $29. The stock closed at $40.50, a 40% gain, valuing the company at $25.7 billion. The IPO raised $1.68 billion and marked a significant milestone for the 13-year-old firm, whose portfolio includes AOL, Eventbrite, Evernote, Meetup, and Vimeo.
Bending Spoons' strong debut contrasts with broader weakness in the software-as-a-service sector. The company has demonstrated a different model—acquiring mature, cash-generating platforms and optimizing operations rather than growing through new product development. The jump from its $11 billion private valuation to $25.7 billion public market cap reflects investor appetite for proven profitability; the company swung from a $112 million net loss in Q1 2024 to $27.4 million in net income in Q1 2025.
Bending Spoons proved the roll-up model works: strong first-day trading signals investor confidence in its strategy of acquiring and optimizing established platforms while returning them to profitability.
The 40% pop may indicate the IPO was underpriced, suggesting investors who bought at the offer price secured windfall gains rather than the company capturing full capital-raising potential.
A 13-year-old Italian company that buys popular apps and makes them run more efficiently just went public and its stock jumped 40% in one day. That big jump shows lots of people want to own a piece of it, even though the software business is usually struggling right now.
Institutional buying pressure subsides after the first week; stock settles into the $35–$42 range as normal trading patterns emerge.
scenario - not a predictionNew public shareholders test the stock in both directions as earnings expectations become clearer; quarterly results become the main driver.
scenario - not a predictionThe company uses its new liquidity and higher valuation to pursue new acquisitions, following its established buy-and-optimize playbook.
scenario - not a prediction