MILAN, July 19, 2026, 18:13 CEST — Shares of Bending Spoons (NASDAQ:BSP) closed Friday at $32.40, marking a 1.5% decline for the week. The stock has now surrendered 70.4% of the dollar premium gained on its first trading day, reflecting a sharp shift in investor focus from scarcity to cash conversion amid mounting debt expenses.
Despite trading 11.7% above its $29 IPO price, the stock remains 20% lower than its $40.50 closing price on debut. The initial enterprise value-to-2026 adjusted EBITDA ratio stands at 16.6 times, down from 20.3 times at the July 1 close but still above the 15.1 times at the IPO.
Debt Burden Weighs on Earnings
First-quarter results highlight the leverage challenge. Revenue surged 132% to $601.3 million, driven primarily by acquisitions, with organic growth at 6%. However, operating income of $120.2 million was largely consumed by $93.2 million in interest expense, which accounted for 77.5% of operating income. Net income was just $27.5 million.
The strain is consistent with the company’s 2025 unaudited pro forma figures, where interest expense consumed 72.4% of $508.8 million in operating income on revenue of $2.61 billion, leaving net income of $22.4 million.
Valuation Adjustment
The valuation adjustment is detailed in the following table:
- IPO price: $29.00, equity value $18.4B, enterprise value $21.1B, EV/2026 EBITDA 15.1x
- July 1 close: $40.50, equity value $25.7B, enterprise value $28.4B, EV/2026 EBITDA 20.3x
- July 17 close: $32.40, equity value $20.6B, enterprise value $23.3B, EV/2026 EBITDA 16.6x
Calculations are based on 635.2 million shares outstanding after the offering and pro forma net debt of $2.68 billion, using CEO Luca Ferrari’s earlier $1.4 billion 2026 EBITDA projection. On a constant net-debt basis, Friday’s enterprise value was 10.2% higher than at the IPO, compared to an initial spread of 34.6%.
Acquisition Strategy and Market Reaction
CEO Luca Ferrari told Reuters the company has identified “over 1,000 companies” as suitable targets, adding, “We’re very active.” The IPO generated approximately $933 million in net proceeds for acquisitions and general corporate needs, though the prospectus noted no binding material acquisition agreement at the time of pricing.
Existing shareholders retained 90.9% of shares after the base offering. Trading volume on Friday was 1.22 million shares, down 93% from debut-day turnover, indicating waning speculative interest.
Renaissance Capital strategist Matt Kennedy commented that investors “would have liked to see a longer track record,” a concern now compounded by concentrated ownership and an extensive acquisition pipeline.
Broader Market Context
Over 80 S&P 500 companies are scheduled to report in the coming week, and major technology results could influence risk sentiment after Friday’s chip-driven decline. For Bending Spoons, leverage and execution remain concentrated risks. Higher interest rates, integration setbacks, or softer cash flow could restrict liquidity and hinder future acquisitions.
The price adjustment has eliminated much of the initial debut premium. The upcoming challenge for Bending Spoons is to turn acquired revenue into cash after accounting for interest expenses.
