Bending SpoonsPrivate▲ Positive
Capitalrelevance
Successful IPO with shares surging 40%, raising $1.68B and achieving $25.7B market cap, more than double last private valuation.
Bending Spoons saw its shares surge nearly 40% in its market debut on Wednesday, closing at $40.50 after pricing its IPO at $29. The Milan-based company, which acquires and revitalizes stagnating tech brands, raised $1.68 billion in the offering and reached a market capitalization of $25.7 billion, more than double its last private valuation of $11 billion. The 13-year-old firm reported $601 million in revenue for the first quarter, generating $27.4 million in net income, a significant turnaround from a $112 million net loss on $259 million in revenue in the same period last year. Bending Spoons has grown by acquiring once-popular brands like AOL, Evernote, and Vimeo, then turning them profitable through cost-cutting, new features, and price increases, with subscriptions accounting for 84% of its business last year.
Successful IPO with shares surging 40%, raising $1.68B and achieving $25.7B market cap, more than double last private valuation.