Bending Spoons IPO: Pricing, Valuation, and What the $1.68B Listing Means

The total gross proceeds of $1.68 billion came from both company-issued shares and a secondary sale by existing shareholders .

Share Structure and Offer Size

The IPO consisted of approximately 57.97 million shares in total. Of those, roughly 34.4 million were newly issued ordinary shares sold by the company, while about 23.6 million were sold by existing shareholders — meaning roughly 60% of the offering was primary shares, with the remaining 40% secondary . The underwriters received a 30-day option to purchase up to an additional 5.2 million shares from the company and 3.5 million from selling shareholders .

Underwriters

Goldman Sachs International, J.P. Morgan, and Allen & Company LLC acted as joint lead book-running managers . A broad syndicate of co-managers included Wells Fargo Securities, BofA Securities, Jefferies, Evercore ISI, BNP Paribas, Mizuho, Société Générale, Crédit Agricole CIB, IMI – Intesa Sanpaolo, UniCredit, and Banca Akros .

Financial Performance

Bending Spoons' revenue grew from $387 million in 2023 to $671 million in 2024, then surged to $1.31 billion in 2025 — a two-year compound annual growth rate of approximately 84% . In the first quarter of 2026, revenue hit $601 million, up 132% year over year . The company posted net income of $27.5 million in Q1 2026, a sharp turnaround from a net loss of $112 million in Q1 2025 . The adjusted operating income margin for 2025 was 47%, according to the company's filings .

Organic revenue growth — which strips out the impact of acquisitions — was 13% in 2025, meaning roughly 82 percentage points of the 95% year-over-year growth came from acquired businesses . Subscription revenue accounted for 93% of total revenue . As of the IPO filing, Bending Spoons reported 500 million monthly active users and 9 million paying customers across its portfolio .

The Acquisition-Driven Business Model

Bending Spoons describes its approach as "operator first, owner second" . The company identifies well-known digital products with strong brand recognition and loyal user bases but underdeveloped commercial potential — often struggling under previous ownership — acquires them, then overhauls their technology stacks, pricing, and cost structures to drive profitability. Critically, the company says it holds acquired businesses for the long term and has never sold a material business .

To finance its acquisition spree, Bending Spoons has used a combination of equity rounds and structured debt from JP Morgan, Goldman Sachs, and Blackstone, raising over one billion euros in debt financing . The company has completed more than 50 acquisitions and 16 notable digital business acquisitions in the last five years .

Portfolio of Brands

Bending Spoons' portfolio includes a range of well-known digital services:

• AOL (internet services)
• Vimeo (video platform — acquired for $1.38 billion in 2025)
• Evernote (productivity/notes — acquired in 2023)
• Eventbrite (events ticketing — acquired in 2025)
• WeTransfer (file sharing — acquired in 2024)
• Meetup (community platform — acquired in 2024)
• Remini (AI photo enhancement)
• Brightcove (video cloud)
• StreamYard (live streaming)
• Splice (music creation)
• Issuu (digital publishing)
• Komoot (outdoor navigation)
• FiLMiC, Harvest, Loomly, MileIQ, and others

Ranking Among European IPOs in 2026

The $1.68 billion IPO makes Bending Spoons one of the largest European tech listings of 2026 and one of the biggest ever for an Italian company listing in the U.S. . Reuters described it as a "rare software IPO" at a time when the sector is grappling with disruption from artificial intelligence . The IPO is widely viewed as a major test of investor appetite for software consolidation and acquisition-driven growth models .