Key Takeaways:
Milan-based tech conglomerate Bending Spoons has selected Goldman Sachs and JPMorgan to lead a potential U.S. initial public offering this year that could value the company at around $20 billion, according to people familiar with the matter.
"The firm was ready to go public and that it could list as soon as this year," Chief Executive Luca Ferrari told Reuters in a November interview, while stopping short of committing to a specific timetable.
The company, which has acquired and revived digital platforms such as Vimeo, WeTransfer, and Evernote, was valued at $11 billion in a funding round last year. Bending Spoons expects its adjusted earnings before interest, taxes, depreciation, and amortization to reach $1.4 billion in 2026, up from a projected $700 million in 2025.
The Bending Spoons IPO will test investor appetite for a profitable European tech company in a U.S. market dominated by high-growth, high-loss listings from the likes of SpaceX and OpenAI. A successful offering could pave the way for other profitable European tech firms to seek higher valuations in the U.S.
The full list of banks working on the IPO includes Goldman Sachs, JPMorgan, Allen & Co, Bank of America, BNP Paribas, and Jefferies, the people said, asking not to be named because the matter is private. The listing is expected in the coming months, with one of the sources saying it could happen before the northern hemisphere summer, subject to market conditions.
Bending Spoons has built its reputation on acquiring and turning around struggling technology companies. Its portfolio includes the video platform Vimeo, file-transfer service WeTransfer, and note-taking app Evernote. Last year, the company also acquired AOL from Yahoo.
The planned IPO comes as the U.S. market is bracing for a wave of large technology listings. However, unlike many of the other hotly anticipated IPOs such as SpaceX, OpenAI, and Anthropic, Bending Spoons is profitable. The contrast in financial profiles will offer public market investors a clear choice between a profitable, value-oriented European technology firm and high-growth, but loss-making, U.S. tech giants.
This article is for informational purposes only and does not constitute investment advice.
