Vimeo Owner Bending Spoons Raises $1.68 Billion in US IPO
Synopsis
Key Highlights Bending Spoons sets the price range for the US IPO at above $29 a share. The offering was $1.68 billion, which brought the valuation of the company to nearly $18.4 billion. The…
Key Highlights
- Bending Spoons sets the price range for the US IPO at above $29 a share.
- The offering was $1.68 billion, which brought the valuation of the company to nearly $18.4 billion.
- The Italian software company owns Vimeo and AOL's revenues.
Bending Spoons raised $1.68 billion in one of the biggest software IPOs of this year after pricing its US initial sale at $29 per share, above its targeted range of $26 to $28.
The Italian software company plus existing shareholders placed roughly 58 million shares, giving the group a market value of about $18.4 billion. The $11 billion value is a huge leap from the company’s previous valuation of $11 billion after 2025, indicating how quickly it has been growing in front of the public.
Portfolio of Well-Known Digital Brands
Bending Spoons has built a stable of recognizable buy-out-level digital businesses, with investments in Vimeo, Evernote, WeTransfer, AOL, Brightcove and Meetup. By acquiring poorly performing software companies and restructuring the operation they have made it one of Europe's leading technology firms.
The IPO also arrives as the US market for new issues, still recovering after a prolonged slack period, enjoyed its renewal in tech fallbacks returning to public markets.
CEO Backs Hybrid Growth Strategy
Bending Spoons was founded in 2013 and has its co-founder and CEO Luca Ferrari described their business model as a combination of the two business worlds, a financial firm fusing with an interactive tech company. It was often seen on oversized hoodies and sneakers at the headquarters in Milan.
Unlike many of traditional private equity firms, Bending Spoons does not flip acquired companies, instead it holds on to them though rumours about massive restructuring and layoffs often follow an acquisition. Goldman Sachs, JPMorgan Chase and Allen & Co.
Source: Reuters
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