Bending Spoons IPO: The owner of the video-hosting platform Vimeo and the WeTransfer service has gone public

Pre-market trading in shares of Milan-based Bending Spoons, which specializes in acquiring struggling software developers, began on the Freedom client trading platform. The listing is one of the largest among European companies this year and represents a rare instance of a major software player going public, according to Reuters. Later on July 1, Bending Spoons shares will be listed on the Nasdaq under the ticker symbol BSP.

Bending Spoons and some of its existing shareholders raised $1.68 billion in a U.S. IPO, according to Bloomberg. The offering price was higher than the initially announced range: $29 per share, compared with $26–28. Following the listing, Bending Spoons’ market capitalization stood at approximately $18.4 billion, the agency calculated. By comparison, in 2025, following a funding round, it was valued at approximately $14.5 billion.

The IPO was underwritten by Goldman Sachs, JPMorgan, Allen & Company, Wells Fargo Securities, BofA Securities, and Jefferies.

Bending Spoons was founded in 2013 in Milan. It got its name from the iconic spoon-bending scene in the science fiction film *The Matrix*.

The company acquires struggling software developers with a subscription model, restructures them to increase profits, and reinvests the proceeds in new acquisitions to continue the growth cycle. To date, it has completed more than 50 such deals. Its portfolio includes the video platform Vimeo, the file-sharing service WeTransfer, and the to-do list app Evernote. Earlier this year, for example, Bending Spoons acquired the ticketing platform Eventbrite, Reuters notes.

For the three months ended March 31, the company reported a net profit of $27.5 million—compared with a loss of $112.2 million for the same period a year earlier. Revenue more than doubled year-over-year, reaching $601 million.

Following its IPO, Bending Spoons pledged to prioritize profitability over organic growth and announced its intention to “turn established businesses into startups,” according to Barron’s. In particular, the publication writes, the company “hopes to revitalize” AOL, which it acquired in January—the legendary American internet service provider also known as America Online. In the 1990s, it became a leading pioneer of mass-market internet access, providing millions of users with their first access to the web.

According to Alem Bektemirov, an analyst at Freedom Finance, Bending Spoons' IPO valuation suggests a 22% upside potential for the stock, with a target price of $35.4.

At the same time, the analyst notes that the company’s growth strategy—which relies on acquiring new assets—remains a key risk. According to Bektemirov, if Bending Spoons is unable to close new deals at attractive prices or effectively integrate the acquired assets into its business, this could negatively impact the company’s future revenue and valuation.

Bektemirov cites Bending Spoons’ heavy reliance on third-party platforms as another risk factor: A significant portion of the company’s products is distributed through the Apple App Store, Google Play Store, and other platforms, which play a key role in promoting apps, attracting users, processing payments, and monetizing subscriptions. Changes to these platforms’ operating rules, listing terms, or commission rates could have a significant impact on the visibility of the company’s products, their accessibility to users, and its financial results.

IPO expert Donovan Jones cites Bending Spoons’ proven ability to acquire and successfully integrate companies, its broad portfolio of digital products, high and predictable subscription revenue, and its focus on organic user acquisition as the company’s strengths, according to Seeking Alpha. Among the company’s weaknesses, the analyst cites its dependence on the successful execution of its acquisition strategy, high operational complexity due to the large number of brands in its portfolio, user churn, and customer resistance to price increases following the transformation of acquired brands.

According to Jones, the key opportunities for Bending Spoons’ continued growth include a large market of potential acquisition targets, the implementation of generative AI in various business processes, improving profitability and optimizing costs through restructuring, as well as leveraging shared infrastructure across different assets.

At the same time, the analyst highlights a number of significant risks. These include the likelihood that generative AI will reduce the value of outdated software products; increased regulatory scrutiny; high debt burdens; and reputational and cultural risks associated with the restructuring of acquired companies. According to Jones’s assessment, persistently high the cost of capital amid sustained inflationary pressure could lead to a further increase in debt servicing costs and negatively impact the company’s financial results.

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Freedom clients will be able to trade Bending Spoons shares before the main trading session opens. Trading will begin in the early pre-market session 2–3 hours before the U.S. markets open (from 3:30 p.m. to 4:30 p.m. Astana time). To participate, click on the BSP ticker.

This article was AI-translated and verified by a human editor