NEW YORK — Bending Spoons S.p.A. (NASDAQ:BSP) made a powerful entrance to the public markets on Wednesday, with shares closing at $41.42 in its first session on the Nasdaq. The Milan-based software conglomerate, which owns iconic internet brands including AOL, Vimeo, Evernote, and WeTransfer, saw its stock price surge 42.8% above the initial public offering price of $29. During the day, the stock traded in a range of $30.70 to $43.98.
IPO Details and Market Impact
The base IPO involved the sale of 57.97 million ordinary shares. Of those, the company sold 34.40 million shares, while existing shareholders sold 23.57 million. At the closing quote, the total value of the base block was approximately $2.40 billion, which is roughly $720 million higher than the valuation at the offer price. This significant premium reflects strong investor demand for the company's unique acquisition-driven growth model.
It is important to note that Bending Spoons will not receive any proceeds from the shares sold by existing holders. The seller block represented 40.7% of the base deal, a substantial portion that signals confidence among early investors in the company's future prospects.
Financial Performance and Growth Trajectory
The company's financial data provides a compelling narrative for investors. According to filings cited by Fortune, first-quarter revenue more than doubled to $601.3 million from $258.9 million in the same period a year earlier. Net income swung to a profit of $27.5 million, a dramatic improvement from a loss of $112.2 million in the prior year. Subscriptions accounted for 93% of total sales in 2025, underscoring the stability and predictability of its revenue streams.
Key operating metrics also showed robust growth. Monthly active users surged from 111 million in December 2023 to 500 million by March 2026, a 4.5-fold increase. Monthly paying customers tripled over the same period, from 3 million to 9 million.
Debt and Acquisition Strategy
Despite the strong operational performance, the company carries a significant debt load. The Associated Press reported that Bending Spoons had debt of just under $4.4 billion. The company plans to use proceeds from the IPO to fund new acquisitions, a strategy that CEO Luca Ferrari outlined in comments to Reuters. “We have found over 1,000 companies that we believe are reasonable acquisition targets in the foreseeable future,” Ferrari said. “We’re not in a position to announce anything, but we’re very active.”
Market Analysts Weigh In
Matt Kennedy, senior strategist at Renaissance Capital, noted that the IPO could serve as a bellwether for the software industry. “It’ll definitely be a data point for the software industry, but that may simply be due to the scarcity of deals here,” Kennedy told Reuters. “Bending Spoons has a very different profile compared to most software IPOs in the pipeline.”
However, not all observers are convinced of the company’s long-term resilience. Tim Schumacher, founder of software acquirer saas.group, offered a more cautious perspective. “The real test is whether an emotionless, debt-fueled software factory can survive a full economic cycle — not just a strong few years on a friendly macro tailwind,” Schumacher said.
Underwriters’ Option and Market Context
The underwriters have a 30-day option to purchase up to 5.24 million additional ordinary shares from Bending Spoons and up to 3.45 million more from selling shareholders at the IPO price, minus underwriting discounts and commissions. This option could provide further liquidity and price support in the coming weeks.
Bending Spoons’ debut comes at a time when the IPO market has been relatively subdued, making its strong performance all the more notable. The company’s ability to attract investor interest despite its high debt levels and aggressive acquisition strategy will be closely watched by market participants.
